According to the Lake Martin Area Association of Realtors, waterfront home sales during September increased 11.5% year-over-year from 26 to 29 closed transactions. Contrary to seasonal trends, sales decreased 17.1% from the 35 homes sold in August. Sales are down 4.3% year-to-date.
For all of the Lake Martin Waterfront housing data, click here.
Inventory: September listings (128) decreased 4.5% from August and increased 7.6% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.4 months, up from 3.8 months in August and down from 4.6 months in September 2022. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The median sales price in September was $904,000, a decrease of 0.1% from one year ago and an increase of 0.6% 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.
Lake homes sold in September averaged 72 days on the market (DOM), 3 days slower than September 2022.
Forecast: September sales were 4 units, or 12.4%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 33 sales for the month, while actual sales were 29 units. ACRE forecast a total of 264 residential sales year-to-date, while there were 209 actual sales through September, a difference of 20.7%.
Click here to view the entire monthly report.
The Lake Martin Area Waterfront-only report is developed in conjunction with the Lake Martin Area Association of Realtors to better serve area consumers.
