Sales: According to the Lake Martin Area Association of Realtors, waterfront home sales during November decreased 38.5% year-over-year from 26 to 16 closed transactions. Following seasonal trends, sales decreased 30.4% from the 23 homes sold in October. Sales are down 24.9% year-to-date.
For all of the Lake Martin Waterfront housing data, click here.
Inventory: November listings (94) decreased 24.2% from October and increased 49.2% from one year ago. At the current sales pace, all the active inventory on the market would sell in 5.9 months, up from 5.4 months in October and up from 2.4 months in November 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 November was $808,000, an increase of 27.3% from one year ago and a decrease of 4.9% 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.
Lake homes sold in November averaged 65 days on the market (DOM), 77 days faster than November 2021.
Forecast: November sales were 7 units, or 30.6%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 23 sales for the month, while actual sales were 16 units. ACRE forecast a total of 356 residential sales year-to-date, while there were 269 actual sales through November, a difference of 24.4%.
Click here to view the entire monthly report.
The Lake Martin Area Waterfront only report is developed in conjunction with the Lake Martin Area Association of Realtors to better serve area consumers.
