Sales: According to the Lake Martin Area Association of Realtors, waterfront home sales during May decreased 32.3% year-over-year from 31 to 21 closed transactions. Contrary to seasonal trends, sales decreased 19.2% from the 26 homes sold in April. Sales are down 20.4% year-to-date.
For all of the Lake Martin Waterfront housing data, click here.
Inventory: May listings (121) increased 12.0% from April and increased 28.7% from one year ago. At the current sales pace, all the active inventory on the market would sell in 5.8 months, up from 4.2 months in April and up from 3.0 months in May 2022. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The median sales price in May was $787,000, a decrease of 6.9% from one year ago and an increase of 31.7% 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.
Lake homes sold in May averaged 103 days on the market (DOM), 35 days slower than May 2022.
Forecast: May sales were 12 units, or 36.6%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 33 sales for the month, while actual sales were 21 units. ACRE forecast a total of 120 residential sales year-to-date, while there were 90 actual sales through May, a difference of 24.8%.
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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.
