According to the Lake Martin Area Association of Realtors, August residential sales (waterfront and non-waterfront) increased 65.7% year-over-year (Y/Y) from 35 to 58 closed transactions. Following seasonal trends, sales decreased 7.9% from July. Sales are up 26.4% 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: August listings (422) decreased 2.1% from July and increased 120.9% from one year ago. At the current sales pace, all the active inventory on the market would sell in 7.3 months, up from 6.8 in July and up from 5.5 months in August 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 August was $418,000, an increase of 70.6% from one year ago and an increase of 19.4% from July. 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 August averaged 96 days on the market (DOM), 14 days slower than August 2023.
Forecast: August sales were 5 units, or 7.5%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 63 sales for the month, while actual sales were 58 units. ACRE forecasted a total of 419 home sales year-to-date, while there were 421 actual sales through August, a difference of 0.4%.
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.
