Sales: According to the Lake Martin Area Association of Realtors, waterfront home sales during August decreased 12.9% year-over-year from 31 to 27 closed transactions. Following seasonal trends, sales decreased 12.9% from the 31 homes sold in July. Sales are down 23.0% year-to-date.
For all of the Lake Martin Waterfront housing data, click here.
Inventory: August Listings (125) increased 5.9% from July and increased 9.7% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.6 months, up from 3.8 from July and up from 3.7 months in August 2021. The equilibrium point where buyers and sellers have roughly equal bargaining power is 4-6 months of supply.
Pricing: The median sales price in August was $845,000, an increase of 13.9% from one year ago and a decrease of 5.9% 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.
Lake homes sold in August averaged 79 days on the market (DOM), 1 day faster than August 2021.
Forecast: August sales were 12 units, or 30.6%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 39 sales for the month, while actual sales were 27 units. ACRE forecast a total of 262 residential sales year-to-date, while there were 204 actual sales through August, a difference of 22.0%.
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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.