According to the Lake Martin Area Association of Realtors, waterfront home sales during June decreased 30.8% year-over-year from 39 to 27 closed transactions. Following seasonal trends, sales decreased 22.9% from the 35 homes sold in May.
For all the Lake Martin Waterfront housing data, click here.
Inventory: June listings (219) increased 4.3% from May and increased 64.7% from one year ago. At the current sales pace, all the active inventory on the market would sell in 8.1 months, down from 6.0 months in May and up from 3.4 months in June 2023. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The median sales price in June was $1,150,000, a decrease of 2.1% from one year ago and an increase of 24.3% 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.
Lake Martin homes sold in June averaged 76 days on the market (DOM), 19 days faster than June 2023.
Forecast: June sales were 9 units, or 24.1%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 36 sales for the month, while actual sales were 27 units. ACRE forecasted a total of 131 home sales year-to-date, while there were 130 actual sales through June, a difference of 0.5%.
Click here to view the entire monthly report.
The Lake Martin Area Waterfront only report is developed in conjunction with the Lake Martin Area Association of Realtors to better serve area consumers.
