Sales: According to the Lake Martin Area Association of Realtors, waterfront home sales during January decreased 56.3% year-over-year from 16 to 7 closed transactions. Following seasonal trends, sales decreased 36.4% from the 11 homes sold in December. Sales are down 56.3% year-to-date.
For all of the Lake Martin Waterfront housing data, click here.
Inventory: January listings (88) increased 11.4% from December and increased 63.0% from one year ago. At the current sales pace, all the active inventory on the market would sell in 12.6 months, up from 7.2 months in December and up from 3.4 months in January 2022. The equilibrium point where buyers and sellers have roughly equal bargaining power is 4-6 months of supply.
Pricing: The median sales price in January was $680,000, an increase of 8.1% from one year ago and a decrease of 38.2% 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.
Lake homes sold in January averaged 117 days on the market (DOM), 54 days faster than January 2022.
Forecast: January sales were 8 units, or 52.8%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 15 sales for the month, while actual sales were 7 units. ACRE forecast a total of 15 residential sales year-to-date, while there were 7 actual sales through January, a difference of 52.8%.
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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.