According to the Lake Martin Area Association of Realtors, April residential sales (waterfront and non-waterfront) decreased 39.4% year-over-year from 71 to 43 closed transactions. Following seasonal trends, sales decreased 17.3% from March. Two more resources to review: Quarterly Report and Annual Report.
For all of the Lake Martin Area’s housing data, click here.
Inventory: April listings (371) increased 20.5% from March and 37.4% from one year ago. At the current sales pace, all the active inventory on the market would sell in 8.6 months, up from 5.9 months in March and up from 3.8 months in April 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 April was $649,000, an increase of 85.4% from one year ago and 30.9% from March. 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 April averaged 78 days on the market (DOM), 8 days faster than April 2023.
Forecast: April sales were 12 units, or 21.5%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 55 sales for the month, while actual sales were 43 units. ACRE forecasted a total of 170 home sales year-to-date, while there were 167 actual sales through April, a difference of 1.6%.
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.
