According to the Lake Martin Area Association of Realtors, waterfront home sales during August decreased 25.7% year-over-year from 35 to 26 closed transactions. Sales were consistent from the 26 homes sold in July.
For all the Lake Martin Waterfront housing data, click here.
Inventory: August listings (208) increased 1.5% from July and increased 55.2% from one year ago. At the current sales pace, all the active inventory on the market would sell in 8.0 months, up from 7.9 months in July and up from 3.8 months in August 2023. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The median sales price in August was $942,500, an increase of 4.8% from one year ago and an increase of 26.1% 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.
Lake Martin homes sold in August averaged 121 days on the market (DOM), 52 days slower than August 2023.
Forecast: August sales were 2 units, or 6.8%, 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 187 home sales year-to-date, while there were 182 actual sales through August, a difference of 2.6%.
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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.
