According to the Lake Martin Area Association of Realtors, waterfront home sales during January increased 14.3% year-over-year from 7 to 8 closed transactions. Following seasonal trends, sales decreased 33.3% from the 12 homes sold in December.
For all of the Lake Martin Waterfront housing data, click here.
Inventory: January listings (98) decreased 3.0% from December and increased 11.4% from one year ago. At the current sales pace, all the active inventory on the market would sell in 12.3 months, up from 8.4 months in December and down from 12.6 months in January 2023. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The median sales price in January was $1,305,000, an increase of 91.9% from one year ago and an increase of 14.4% 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.
Lake homes sold in January averaged 100 days on the market (DOM), 17 days faster than January 2023.
Forecast: January sales were 2 units, or 21.8%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 10 sales for the month, while actual sales were 8 units.
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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.
