According to the Lake Martin Area Association of Realtors, July residential sales (waterfront and non-waterfront) increased 61.5% year-over-year (Y/Y) from 39 to 63 closed transactions. Following seasonal trends, sales increased 3.3% from June. Sales are up 21.8% year to date. Two more resources to review: Quarterly Report and Annual Report.
For all of the Lake Martin Area’s housing data, click here.
Inventory: July listings (431) decreased 3.6% from June and increased 156.5% from one year ago. At the current sales pace, all the active inventory on the market would sell in 6.8 months, down from 7.3 in June and up from 4.3 months in July 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 July was $350,000, an increase of 75.1% from one year ago and a decrease of 12.3% from June. 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 July averaged 121 days on the market (DOM), 14 days slower than July 2023.
Forecast: July sales were 4 units, or 6.3%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 59 sales for the month, while actual sales were 63 units. ACRE forecasted a total of 356 home sales year-to-date, while there were 363 actual sales through July, a difference of 1.8%.
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.
