Sales: According to the Lake Martin Area Association of Realtors, May residential sales (waterfront and non-waterfront) decreased 4.8% year-over-year (Y/Y) from 84 to 80 closed transactions. Following seasonal trends, sales increased 42.9% from April. Sales are now down 13.0% 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: May listings (209) increased 6.6% from April and decreased 13.6% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.6 months, down from 3.5 months in April and down from 2.9 months in May 2021. The equilibrium point where buyers and sellers have roughly equal bargaining power is 4-6 months of supply.
Pricing: The area’s median sales price in May was $357,500, an increase of 10.0% from one year ago and a decrease of 10.1% from April. 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 May averaged 81 days on the market (DOM), 15 days faster than May 2021.
Forecast: May sales were 11 units, or 15.2%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 69 sales for the month, while actual sales were 80 units. ACRE forecast a total of 306 residential sales year-to-date, while there were 314 actual sales through May, a difference of 2.6%.
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.
