According to the Lake Martin Area Association of Realtors, waterfront home sales during May increased 52.4% year-over-year from 21 to 32 closed transactions. Following seasonal trends, sales increased 45.5% from the 22 homes sold in April.
For all the Lake Martin Waterfront housing data, click here.
Inventory: May listings (210) increased 18.6% from April and increased 73.6% from one year ago. At the current sales pace, all the active inventory on the market would sell in 6.6 months, down from 8.0 months in April and up from 5.8 months in May 2023. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The median sales price in May was $925,000, an increase of 17.5% from one year ago and a decrease of 14.9% 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.
Lake Martin homes sold in May averaged 84 days on the market (DOM), 19 days faster than May 2023.
Forecast: May sales were 4 units, or 15.3%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 28 sales for the month, while actual sales were 32 units. ACRE forecasted a total of 95 home sales year-to-date, while there were 103 actual sales through May, a difference of 8.3%.
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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.
