ALABAMA REAL ESTATE JOURNAL

Lake Martin area home sales continue to slow, inventory on the rise in October

Sales: According to the Lake Martin Area Association of Realtors, October residential sales (waterfront and non-waterfront) decreased 30.0% year-over-year (Y/Y) from 70 to 49 closed transactions. Following seasonal trends, sales decreased 22.2% from September. Sales are now down 17.3% 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: October listings (267) increased 5.5% from September and increased 21.9% from one year ago. At the current sales pace, all the active inventory on the market would sell in 5.4 months, up from 4.0 months in September and up from 3.1 months in October 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 October was $405,900, a decrease of 10.5% from one year ago and an increase of 0.5% from September. 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 October averaged 88 days on the market (DOM), 1 day faster than October 2021.

Forecast: October sales were 18 units, or 26.6%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 67 sales for the month, while actual sales were 49 units. ACRE forecast a total of 670 residential sales year-to-date, while there were 621 actual sales through October, a difference of 7.3%.

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.

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