According to the Lake Martin Area Association of Realtors, January residential sales (waterfront and non-waterfront) increased 6.7% year-over-year (Y/Y) from 30 to 32 closed transactions. Following seasonal trends, sales decreased 5.9% from December. Two more resources to review: Quarterly Report and Annual Report.
For all of the Lake Martin Area’s housing data, click here.
Inventory: January listings (262) increased 1.6% from December and increased 19.1% from one year ago. At the current sales pace, all the active inventory on the market would sell in 8.2 months, up from 7.6 months in December and up from 7.3 months in January 2023. 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 January was $465,000, an increase of 60.6% from one year ago and an increase of 37.3% from December. 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 January averaged 81 days on the market (DOM), 16 days faster than January 2023.
Forecast: January sales were 6 units, or 25.2%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 26 sales for the month, while actual sales were 32 units.
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.
