According to the Lake Martin Area Association of Realtors, June residential sales (waterfront and non-waterfront) increased 64.9% year-over-year (Y/Y) from 37 to 61 closed transactions. Following seasonal trends, sales decreased 15.3% from May. Two more resources to review: Quarterly Report and Annual Report.
For all of the Lake Martin Area’s housing data, click here.
Inventory: June listings (447) increased 6.2% from May and increased 139.0% from one year ago. At the current sales pace, all the active inventory on the market would sell in 7.3 months, up from 5.8 months in May and up from 2.4 months in June 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 June was $399,000, an increase of 121.7% from one year ago and a decrease of 14.2% from May. 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 June averaged 86 days on the market (DOM), 5 days slower than June 2023.
Forecast: June sales were 8 units, or 11.9%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 69 sales for the month, while actual sales were 61 units. ACRE forecasted a total of 297 home sales year-to-date, while there were 300 actual sales through June, a difference of 0.9%.
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.
