Sales: According to the Lake Martin Area Association of Realtors, December residential sales (waterfront and non-waterfront) decreased 17.0% year-over-year (Y/Y) from 47 to 39 closed transactions. Following seasonal trends, sales decreased 4.9% from November. Sales are now down 18.2% 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: December listings (203) decreased 14.4% from November and increased 10.3% from one year ago. At the current sales pace, all the active inventory on the market would sell in 5.2 months, down from 5.8 months in November and up from 3.9 months in December 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 December was $279,000, a decrease of 28.1% from one year ago and a decrease of 34.4% from November. 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 December averaged 102 days on the market (DOM), 3 days faster than December 2021.
Forecast: December sales were 19 units, or 32.3%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 58 sales for the month, while actual sales were 39 units. ACRE forecast a total of 783 residential sales year-to-date, while there were 701 actual sales through December, a difference of 10.5%.
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.