According to the Lake Martin Area Association of Realtors, waterfront home sales during October increased 46.7% year-over-year from 15 to 22 closed transactions. Sales remained constant from August.
For all the Lake Martin Waterfront housing data, click here.
Inventory: October listings (193) decreased 4.9% from August and increased 54.4% from one year ago. At the current sales pace, all the active inventory on the market would sell in 8.8 months, down from 9.2 months in August and up from 8.3 months in October 2023. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The median sales price in October was $1,135,000, an increase of 46.5% from one year ago and an increase of 34.8% 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 October averaged 111 days on the market (DOM), 53 days faster than October 2023.
Forecast: October sales were 3 units, or 16.6%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 19 sales for the month, while actual sales were 22 units. ACRE forecasted a total of 234 home sales year-to-date, while there were 226 actual sales through October, a difference of 3.4%.
Click here to view the entire monthly report.
The Lake Martin Area Waterfront only report is developed in conjunction with the Lake Martin Area Association of Realtors to better serve area consumers.
