According to the Lake Martin Area Association of Realtors, September residential sales (waterfront and non-waterfront) decreased 4.8% year-over-year (Y/Y) from 63 to 60 closed transactions. Following seasonal trends, sales increased 71.4% from August. Sales are now down 24.5% 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: September listings (319) increased 67.0% from August and increased 26.1% from one year ago. At the current sales pace, all the active inventory on the market would sell in 5.3 months, down from 5.5 months in August and up from 4.0 months in September 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 September was $438,750, an increase of 8.6% from one year ago and an increase of 79.1% from August. 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 September averaged 88 days on the market (DOM), 1 day faster than September 2022.
Forecast: September sales were 4 units, or 7.0%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 64 sales for the month, while actual sales were 60 units. ACRE forecast a total of 480 residential sales year-to-date, while there were 504 actual sales through September, a difference of 5.0%.
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.
