According to the Lake Martin Area Association of Realtors, October residential sales (waterfront and non-waterfront) increased 28.3% year-over-year (Y/Y) from 46 to 59 closed transactions. Following seasonal trends, sales increased 15.7% from September. Sales are up 21.0% 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: October listings (400) decreased 1.7% from September and increased 32.0% from one year ago. At the current sales pace, all the active inventory on the market would sell in 6.8 months, down from 8.0 in September and up from 6.6 months in October 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 October was $425,000, an increase of 38.4% from one year ago and an increase of 27.6% from September. 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 October averaged 112 days on the market (DOM), 19 days faster than October 2023.
Forecast: October sales were 10 units, or 21.1%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 49 sales for the month, while actual sales were 59 units. ACRE forecasted a total of 527 home sales year-to-date, while there were 531 actual sales through October, a difference of 0.7%.
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.
