Sales: According to the Lake Martin Area Association of Realtors, January waterfront sales increased 23.1% year-over-year from 13 to 16 closed transactions. The number of sales decreased 15.8% from the 19 homes sold in December. Sales are up 23.1% year-to-date.
For all of the Lake Martin Waterfront housing data, click here.
Inventory: January Listings (54) increased 5.9% from December and declined 40% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.4 months, up from 2.7 months in December and down from 6.9 months in January 2021. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply
Pricing: The median sales price in January Was $629,000, an increase of 29.7% from one year ago and a decrease of 30.8% from December. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a local real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.
Lake homes sold in January Averaged 171 days on the market (DOM), 4 days slower than January 2021.
Forecast: January Sales were 3 units, or 18.9%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 13 sales for the month, while actual sales were 16 units. ACRE forecast a total of 13 residential sales year-to-date, while there were 16 actual sales through December, a difference of 18.9%.
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The Lake Martin Area Waterfront only report is developed in conjunction with the Lake Martin Area Association of Realtors to better serve area consumers.
Editor’s Note: All information in this article reflects data provided to the Alabama Center for Real Estate for the time period January 1 – 31, 2022. Thus, the performance represented is historical and should not be used as an indicator of future results.