According to the Lake Martin Area Association of Realtors, waterfront home sales during November increased 26.7% year-over-year from 15 to 19 closed transactions. Sales decreased 13.6% from October.
For all the Lake Martin Waterfront housing data, click here.
Inventory: November listings (163) decreased 15.5% from October and increased 34.7% from one year ago. At the current sales pace, all the active inventory on the market would sell in 8.6 months, down from 8.8 months in October and up from 8.1 months in November 2023. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The median sales price in November was $800,000, a decrease of 12.0% from one year ago and a decrease of 29.5% 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.
Lake Martin homes sold in November averaged 107 days on the market (DOM), 21 days faster than November 2023.
Forecast: November sales were 7 units, or 58.6%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 12 sales for the month, while actual sales were 19 units. ACRE forecasted a total of 246 home sales year-to-date, while there were 245 actual sales through November, a difference of 0.4%.
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.