Sales: According to the Lake Martin Area Association of Realtors, February residential sales (waterfront and non-waterfront) decreased 43.4% year-over-year (Y/Y) from 53 to 30 closed transactions. Following seasonal trends, sales decreased 0.0% from January. Sales are now down 42.3% 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: February listings (257) increased 16.8% from January and increased 33.2% from one year ago. At the current sales pace, all the active inventory on the market would sell in 8.6 months, up from 7.3 months in January and up from 3.6 months in February 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 February was $297,450, a decrease of 0.5% from one year ago and an increase of 3.8% from January. 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 February averaged 72 days on the market (DOM), 28 days faster than February 2022.
Forecast: February sales were 6 units, or 16.7%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 36 sales for the month, while actual sales were 30 units. ACRE forecast a total of 62 residential sales year-to-date, while there were 60 actual sales through February, a difference of 3.0%.
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.
