According to the Lake Martin Area Association of Realtors, waterfront home sales during July increased 62.5% year-over-year from 16 to 26 closed transactions. Contrary to seasonal trends, sales decreased 3.7% from the 27 homes sold in June.
For all the Lake Martin Waterfront housing data, click here.
Inventory: July listings (205) decreased 6.4% from June and increased 54.1% from one year ago. At the current sales pace, all the active inventory on the market would sell in 7.9 months, down from 8.1 months in June and down from 8.3 months in July 2023. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The median sales price in July was $747,500, a decrease of 29.0% from one year ago and a decrease of 35.0% 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.
Lake Martin homes sold in July averaged 119 days on the market (DOM), 39 days slower than July 2023.
Forecast: July sales were 2 units, or 8.0%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 28 sales for the month, while actual sales were 26 units. ACRE forecasted a total of 159 home sales year-to-date, while there were 156 actual sales through July, a difference of 1.9%.
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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.
