Sales: According to the Lake Martin Area Association of Realtors, waterfront home sales during December decreased 42.1% year-over-year from 19 to 11 closed transactions. Following seasonal trends, sales decreased 31.3% from the 16 homes sold in November. Sales are down 25.7% year-to-date.
For all of the Lake Martin Waterfront housing data, click here.
Inventory: December listings (79) decreased 16.0% from November and increased 54.9% from one year ago. At the current sales pace, all the active inventory on the market would sell in 7.2 months, up from 5.9 months in November and up from 2.7 months in December 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 December was $1,100,000, an increase of 21.0% from one year ago and an increase of 36.1% 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.
Lake homes sold in December averaged 139 days on the market (DOM), 46 days slower than December 2021.
Forecast: December sales were 12 units, or 51.2%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 23 sales for the month, while actual sales were 11 units. ACRE forecast a total of 379 residential sales year-to-date, while there were 280 actual sales through December, a difference of 26.0%.
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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.
