According to the Lake Martin Area Association of Realtors, waterfront home sales during April decreased 15.4% year-over-year from 26 to 22 closed transactions. Contrary to seasonal trends, sales decreased 8.3% from the 24 homes sold in March.
For all of the Lake Martin Waterfront housing data, click here.
Inventory: April listings (177) increased 25.5% from March and 63.9% from one year ago. At the current sales pace, all the active inventory on the market would sell in 8.0 months, up from 5.9 months in March and up from 4.2 months in April 2023. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The median sales price in April was $1,086,500, an increase of 81.8% from one year ago and 32.8% 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.
Lake homes sold in April averaged 64 days on the market (DOM), 39 days faster than April 2023.
Forecast: April sales were 1 unit, or 3.4%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 21 sales for the month, while actual sales were 22 units. ACRE forecasted a total of 67 home sales year-to-date, while there were 71 actual sales through April, a difference of 5.4%.
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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.
