Sales: According to the Lake Martin Area Association of Realtors, waterfront home sales during June decreased 15.4% year-over-year from 39 to 33 closed transactions. Following seasonal trends, sales increased 6.5% from the 31 homes sold in May. Sales are down 25.1% year-to-date.
For all of the Lake Martin Waterfront housing data, click here.
Inventory: June Listings (106) increased 12.8% from May and increased 10.4% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.2 months, up 0.2 from May and up from 0.7 months in June 2021. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The median sales price in June was $700,100, a decrease of 9.8% from one year ago and a decrease of 17.2% 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.
Lake homes sold in June Averaged 92 days on the market (DOM), 20 days faster than June 2021.
Forecast: June sales were 10 units, or 23.4%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 43 sales for the month, while actual sales were 33 units. ACRE forecast a total of 177 residential sales year-to-date, while there were 146 actual sales through June, a difference of 17.5%.
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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.