Sales: According to the Lake Martin Area Association of Realtors, November residential sales (waterfront and non-waterfront) decreased 30.5% year-over-year (Y/Y) from 59 to 41 closed transactions. Following seasonal trends, sales decreased 16.3% from October. Sales are now down 18.3% 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: November listings (237) decreased 11.2% from October and increased 20.9% from one year ago. At the current sales pace, all the active inventory on the market would sell in 5.8 months, up from 5.4 months in October and up from 3.3 months in November 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 November was $425,000, an increase of 28.8% from one year ago and an increase of 4.7% from October. 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 November averaged 87 days on the market (DOM), 16 days faster than November 2021.
Forecast: November sales were 15 units, or 26.5%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 56 sales for the month, while actual sales were 41 units. ACRE forecast a total of 725 residential sales year-to-date, while there were 662 actual sales through November, a difference of 8.8%.
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.
