Sales: According to the Lake Martin Area Association of Realtors, waterfront home sales during February decreased 53.3% year-over-year from 15 to 7 closed transactions. Following seasonal trends, sales decreased 0.0% from the 7 homes sold in January. Sales are down 66.7% year-to-date.
For all of the Lake Martin Waterfront housing data, click here.
Inventory: February listings (105) increased 19.3% from January and increased 45.8% from one year ago. At the current sales pace, all the active inventory on the market would sell in 15.0 months, up from 12.6 months in January and up from 4.8 months in February 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 February was $1,200,000, an increase of 99.4% from one year ago and an increase of 76.5% 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.
Lake homes sold in February averaged 40 days on the market (DOM), 37 days faster than February 2022.
Forecast: February sales were 9 units, or 56.7%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 16 sales for the month, while actual sales were 7 units. ACRE forecast a total of 31 residential sales year-to-date, while there were 14 actual sales through February, a difference of 54.8%.
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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.