Sales: According to the Lake Martin Area Association of Realtors, May residential sales (waterfront and non-waterfront) decreased 61.3% year-over-year (Y/Y) from 80 to 31 closed transactions. Contrary to seasonal trends, sales decreased 56.3% from April. Sales are now down 29.3% 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: May listings (175) decreased 35.2% from April and decreased 16.3% from one year ago. At the current sales pace, all the active inventory on the market would sell in 5.6 months, up from 3.8 months in April and up from 2.6 months in May 2022. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The area’s median sales price in May was $260,000, a decrease of 27.3% from one year ago and a decrease of 25.7% from April. 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 May averaged 102 days on the market (DOM), 21 days slower than May 2022.
Forecast: May sales were 11 units, or 17%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 63 sales for the month, while actual sales were 52 units. ACRE forecast a total of 229 residential sales year-to-date, while there were 243 actual sales through May, a difference of 6.1%.
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.
