According to the Lake Martin Area Association of Realtors, February residential sales (waterfront and non-waterfront) increased 33.3% year-over-year (Y/Y) from 30 to 40 closed transactions. Following seasonal trends, sales increased 25.0% from January. Two more resources to review: Quarterly Report and Annual Report.
For all of the Lake Martin Area’s housing data, click here.
Inventory: February listings (274) increased 4.6% from January and increased 6.6% from one year ago. At the current sales pace, all the active inventory on the market would sell in 6.9 months, down from 8.2 months in January and down from 8.6 months in February 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 February was $547,700, an increase of 84.1% from one year ago and an increase of 17.8% from January. 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 February averaged 163 days on the market (DOM), 91 days slower than February 2023.
Forecast: February sales were 7 units, or 22.0%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 33 sales for the month, while actual sales were 40 units. ACRE forecasted a total of 58 home sales year-to-date, while there were 72 actual sales through February, a difference of 23.4%.
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.
