According to the Lake Martin Area Association of Realtors, May residential sales (waterfront and non-waterfront) increased 38.5% year-over-year (Y/Y) from 52 to 72 closed transactions. Following seasonal trends, sales increased 67.4% from April. Two more resources to review: Quarterly Report and Annual Report.
For all of the Lake Martin Area’s housing data, click here.
Inventory: May listings (421) increased 13.5% from April and increased 42.2% from one year ago. At the current sales pace, all the active inventory on the market would sell in 5.8 months, down from 8.6 months in April and up from 5.6 months in May 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 May was $464,850, an increase of 12.8% from one year ago and a decrease of 28.4% from April. 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 May averaged 89 days on the market (DOM), 13 days faster than May 2023.
Forecast: May sales were 14 units, or 23.7%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 58 sales for the month, while actual sales were 72 units. ACRE forecasted a total of 228 home sales year-to-date, while there were 239 actual sales through May, a difference of 4.8%.
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.
