Sales: According to the Lake Martin Area Association of Realtors, June residential sales (waterfront and non-waterfront) decreased 8.2% year-over-year (Y/Y) from 85 to 78 closed transactions. Following seasonal trends, sales decreased 2.5% from May. Sales are now down 12.1% 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: June listings (232) increased 11% from May and increased 0.9% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3 months, up from 2.6 months in May and up from 2.7 months in June 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 June was $330,925, a decrease of 17.1% from one year ago and a decrease of 7.4% from May. 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 June averaged 89 days on the market (DOM), 25 days faster than June 2021.
Forecast: June sales were 2 units, or 2.7%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 76 sales for the month, while actual sales were 78 units. ACRE forecast a total of 382 residential sales year-to-date, while there were 392 actual sales through June, 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.
