ALABAMA REAL ESTATE JOURNAL

Lake Martin area home sales up 2% year-over-year in November

According to the Lake Martin Area Association of Realtors, November residential sales (waterfront and non-waterfront) increased 2.4% year-over-year (Y/Y) from 41 to 42 closed transactions. Following seasonal trends, sales decreased 28.8% from October. Sales are up 19.4% 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: November listings (352) decreased 12.0% from October and increased 20.1% 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 October and up from 6.6 months in November 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 November was $370,775, a decrease of 2.4% from one year ago and a decrease of 12.8% from October. 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 November averaged 116 days on the market (DOM), 24 days faster than November 2023. 

Forecast: November sales were 3 units, or 6.4%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 39 sales for the month, while actual sales were 42 units. ACRE forecasted a total of 567 home sales year-to-date, while there were 573 actual sales through November, a difference of 1.1%.    

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. 

 

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