Sales: According to the Lake Martin Area Association of Realtors, waterfront home sales during July decreased 20.5% year-over-year from 39 to 31 closed transactions. Going against seasonal trends, sales decreased 6.6% from the 33 homes sold in June. Sales are down 24.4% year-to-date.
For all of the Lake Martin Waterfront housing data, click here.
Inventory: July Listings (118) increased 11.3% from June and increased 12.4% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.8 months, up from 3.2 from June and up from 2.7 months in July 2021. The equilibrium point where buyers and sellers have roughly equal bargaining power is 4-5 months of supply.
Pricing: The median sales price in July was $897,740, an increase of 23.0% from one year ago and an increase of 28.2% 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.
Lake homes sold in July Averaged 86 days on the market (DOM), 15 days slower than July 2021.
Forecast: July sales were 15 units, or 32.2%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 46 sales for the month, while actual sales were 31 units. ACRE forecast a total of 223 residential sales year-to-date, while there were 117 actual sales through July, a difference of 20.5%.
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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.