Sales: According to the Lake Martin Area Association of Realtors, waterfront home sales during October decreased 11.5% year-over-year from 34 to 23 closed transactions. Following seasonal trends, sales decreased 32.4% from the 26 homes sold in September. Sales are down 23.8% year-to-date.
For all of the Lake Martin Waterfront housing data, click here.
Inventory: October Listings (124) increased 4.2% from September and increased 45.9% from one year ago. At the current sales pace, all the active inventory on the market would sell in 5.4 months, up from 4.6 months in September and up from 2.5 months in October 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 October was $850,000, a decrease of 7.3% from one year ago and a decrease of 6.1% 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.
Lake homes sold in October averaged 82 days on the market (DOM), 14 days faster than October 2021.
Forecast: October sales were 9 units, or 28.7%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 32 sales for the month, while actual sales were 23 units. ACRE forecast a total of 333 residential sales year-to-date, while there were 253 actual sales through October, a difference of 24.0%.
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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.
