Sales: According to the Lake Martin Area Association of Realtors, waterfront home sales during March increased 20.8% year-over-year from 24 to 29 closed transactions. Following seasonal trends, sales increased 314.3% from the 7 homes sold in February. Sales are down 46.3% year-to-date.
For all of the Lake Martin Waterfront housing data, click here.
Inventory: March listings (114) increased 8.6% from February and increased 26.7% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.9 months, down from 15.0 months in February and up from 3.9 months in March 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 March was $695,000, a decrease of 3.1% from one year ago and a decrease of 42.1% 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.
Lake homes sold in March averaged 101 days on the market (DOM), 32 days slower than March 2022.
Forecast: March sales were 0 units, or 0.0%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 29 sales for the month, while actual sales were 29 units. ACRE forecast a total of 60 residential sales year-to-date, while there were 43 actual sales through March, a difference of 28.4%.
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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.