Sales: According to the Lake Martin Area Association of Realtors, July residential sales (waterfront and non-waterfront) decreased 36.3% year-over-year (Y/Y) from 91 to 58 closed transactions. Going against seasonal trends, sales decreased 25.6% from June. Sales are now down 16.2% 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: July listings (227) decreased 2.2% from June and decreased 7.7% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.9 months, up from 3.0 months in June and up from 3.2 months in July 2021. The equilibrium point where buyers and sellers have roughly equal bargaining power is 4-5 months of supply.
Pricing: The area’s median sales price in July was $556,511, a decrease of 87.4% from one year ago and an increase of 68.2% from June. 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 July averaged 88 days on the market (DOM), 11 days faster than July 2021.
Forecast: July sales were 14 units, or 19.7%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 72 sales for the month, while actual sales were 58 units. ACRE forecast a total of 454 residential sales year-to-date, while there were 450 actual sales through July, a difference of 0.9%.
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.