Sales: According to the Lake Martin Area Association of Realtors, March residential sales (waterfront and non-waterfront) decreased 18.9% year-over-year (Y/Y) from 74 to 60 closed transactions. Following seasonal trends, sales increased 100.0% from February. Sales are now down 32.6% 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: March listings (278) increased 8.2% from February and increased 34.3% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.6 months, down from 8.6 months in February and up from 2.8 months in March 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 March was $418,750, an increase of 9.0% from one year ago and an increase of 40.8% from February. 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 March averaged 102 days on the market (DOM), 0 days faster than March 2022.
Forecast: March sales were 6 units, or 10.3%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 54 sales for the month, while actual sales were 60 units. ACRE forecast a total of 116 residential sales year-to-date, while there were 120 actual sales through March, a difference of 3.2%.
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.
