According to the Lake Martin Area Association of Realtors, March residential sales (waterfront and non-waterfront) decreased 13.3% year-over-year from 60 to 52 closed transactions. Following seasonal trends, sales increased 30.0% from February. Two more resources to review: Quarterly Report and Annual Report.
For all of the Lake Martin Area’s housing data, click here.
Inventory: March listings (308) increased 12.4% from February and increased 10.8% from one year ago. At the current sales pace, all the active inventory on the market would sell in 5.9 months, down from 6.9 months in February and up from 4.6 months in March 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 March was $495,950, an increase of 84.1% from one year ago and an increase of 18.4% from February. 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 March averaged 99 days on the market (DOM), 3 days faster than March 2023.
Forecast: March sales were 5 units, or 8.3%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 57 sales for the month, while actual sales were 52 units. ACRE forecasted a total of 115 home sales year-to-date, while there were 124 actual sales through March, a difference of 7.8%.
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.
