Sales: According to the Lake Martin Area Association of Realtors, waterfront home sales during May decreased 27.9% year-over-year from 43 to 31 closed transactions. Following seasonal trends, sales increased 14.8% from the 27 homes sold in April. Sales are down 27.6% year-to-date.
For all of the Lake Martin Waterfront housing data, click here.
Inventory: May Listings (94) increased 16.1% from April and declined 3.1% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.0 months, unchanged from April and up from 2.3 months in May 2021. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply
Pricing: The median sales price in May was $845,000, an increase of 27.3% from one year ago and a decrease of 4.0% 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.
Lake homes sold in May Averaged 94 days on the market (DOM), 3 days faster than May 2021.
Forecast: May sales were 8 units, or 19.6%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 39 sales for the month, while actual sales were 31 units. ACRE forecast a total of 134 residential sales year-to-date, while there were 113 actual sales through May, a difference of 15.6%.
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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.