Sales: According to the Lake Martin Area Association of Realtors, waterfront home sales during April decreased 3.7% year-over-year from 27 to 26 closed transactions. Following seasonal trends, sales decreased 10.3% from the 29 homes sold in March. Sales are down 15.9% year-to-date.
For all of the Lake Martin Waterfront housing data, click here.
Inventory: April listings (108) decreased 5.3% from March and increased 33.3% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.9 months, down from 3.9 months in March and up from 4.2 months in April 2022. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The median sales price in April was $597,500, a decrease of 32.1% from one year ago and a decrease of 14.0% from March. 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 April averaged 103 days on the market (DOM), 39 days slower than April 2022.
Forecast: April sales were 1 units, or 2.0%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 27 sales for the month, while actual sales were 26 units. ACRE forecast a total of 87 residential sales year-to-date, while there were 69 actual sales through April, a difference of 20.3%.
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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.