According to the Lake Martin Area Association of Realtors, September residential sales (waterfront and non-waterfront) decreased 15% year-over-year (Y/Y) from 60 to 51 closed transactions. Following seasonal trends, sales decreased 12.1% from August. Sales are up 20.1% 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: September listings (407) decreased 3.6% from August and increased 27.6% from one year ago. At the current sales pace, all the active inventory on the market would sell in 8.0 months, up from 7.3 in August and up from 5.3 months in September 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 September was $333,000, a decrease of 24.1% from one year ago and a decrease of 20.3% from August. 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 September averaged 106 days on the market (DOM), 18 days slower than September 2023.
Forecast: September sales were 8 units, or 13.6%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 59 sales for the month, while actual sales were 51 units. ACRE forecasted a total of 479 home sales year-to-date, while there were 472 actual sales through September, a difference of 1.5%.
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.
