According to the Lake Martin Area Association of Realtors, waterfront home sales during February increased 142.9% year-over-year from 7 to 17 closed transactions. Following seasonal trends, sales increased 112.5% from the 8 homes sold in January.
For all of the Lake Martin Waterfront housing data, click here.
Inventory: February listings (122) increased 24.5% from January and increased 16.2% from one year ago. At the current sales pace, all the active inventory on the market would sell in 7.2 months, down from 12.3 months in January and down from 15.0 months in February 2023. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The median sales price in February was $998,850, a decrease of 16.8% from one year ago and a decrease of 23.5% 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.
Lake homes sold in February averaged 171 days on the market (DOM), 131 days slower than February 2023.
Forecast: February sales were 5 units, or 47.3%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 12 sales for the month, while actual sales were 17 units. ACRE forecasted a total of 22 home sales year-to-date, while there were 25 actual sales through February, a difference of 14.9%.
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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.
