Sales: According to the Lake Martin Area Association of Realtors, January residential sales (waterfront and non-waterfront) decreased 41.2% year-over-year (Y/Y) from 51 to 30 closed transactions. Following seasonal trends, sales decreased 23.1% from December. Sales are now down 41.2% 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: January listings (220) increased 8.4% from December and increased 19.6% from one year ago. At the current sales pace, all the active inventory on the market would sell in 7.3 months, up from 5.2 months in December and up from 3.6 months in January 2022. 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 January was $289,600, an increase of 9.3% from one year ago and an increase of 3.8% from December. 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 January averaged 97 days on the market (DOM), 36 days faster than January 2022.
Forecast: January sales were 4 units, or 14.1%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 26 sales for the month, while actual sales were 30 units. ACRE forecast a total of 26 residential sales year-to-date, while there were 30 actual sales through January, a difference of 14.1%.
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.
