Sales: According to the Lake Martin Area Association of Realtors, February residential sales (waterfront and non-waterfront) decreased 20.9% year-over-year (Y/Y) from 67 to 53 closed transactions. Sales increased 3.9% from January. Sales are now down 0.9% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of the Lake Martin Area’s housing data, click here.
Inventory: February listings (193) increased 4.9% from January and declined 22.8% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.6 months, unchanged from 3.6 months in January and down from 3.7 months in February 2021. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The area’s median sales price in February was $299,000, a decrease of 16.5% from one year ago and an increase of 12.8% from January. 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.
Homes sold in February averaged 100 days on the market (DOM), 24 days faster than February 2021.
Forecast: February sales were 1 unit, or 2.1%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 52 sales for the month, while actual sales were 53 units. ACRE forecast a total of 104 residential sales year-to-date, while there were 104 actual sales through February, a difference of 0%.
Click here to view the entire monthly report.
The Lake Martin Area Residential Monthly 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 February 1 – 28, 2022. Thus, the performance represented is historical and should not be used as an indicator of future results.
