Sales: According to the Lake Martin Area Association of Realtors, August residential sales (waterfront and non-waterfront) decreased 18.0% year-over-year (Y/Y) from 72 to 59 closed transactions. Going against seasonal trends, sales increased 1.7% from July. Sales are now down 16.4% 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: August listings (257) increased 13.2% from July and increased 1.2% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.4 months, up from 3.9 months in July and up from 3.5 months in August 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 August was $360,000, an increase of 1.6% from one year ago and a decrease of 35.3% from July. 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 August averaged 78 days on the market (DOM), 11 days faster than August 2021.
Forecast: August sales were 25 units, or 26.0%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 80 sales for the month, while actual sales were 59 units. ACRE forecast a total of 534 residential sales year-to-date, while there were 509 actual sales through August, a difference of 4.7%.
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.
