According to the Lake Martin Area Association of Realtors, waterfront home sales during September decreased 24.1% year-over-year from 29 to 22 closed transactions. Sales decreased 15.4% from August.
For all the Lake Martin Waterfront housing data, click here.
Inventory: September listings (203) decreased 2.4% from August and increased 58.6% from one year ago. At the current sales pace, all the active inventory on the market would sell in 9.2 months, up from 8.0 months in August and up from 4.4 months in September 2023. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The median sales price in September was $842,000, a decrease of 6.9% from one year ago and a decrease of 10.7% 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.
Lake Martin homes sold in September averaged 210 days on the market (DOM), 138 days slower than September 2023.
Forecast: September sales were 9 units, or 21.4%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 28 sales for the month, while actual sales were 22 units. ACRE forecasted a total of 215 home sales year-to-date, while there were 204 actual sales through September, a difference of 5.1%.
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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.
