According to the Lake Martin Area Association of Realtors, January residential sales (waterfront and non-waterfront) decreased 12.5% year-over-year (Y/Y) from 32 to 28 closed transactions. Following seasonal trends, sales decreased 36.4% from December. Sales are down 12.5% 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: January listings (319) decreased 50.0% from December and increased 21.8% from one year ago. At the current sales pace, all the active inventory on the market would sell in 11.4 months, down from 14.5 in December and up from 8.2 months in January 2024. 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 January was $582,500, an increase of 25.3% from one year ago and an increase of 147.9% from December. 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 January averaged 169 days on the market (DOM), 88 days slower than January 2024.
Forecast: January sales were 2 units, or 9.2%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 26 sales for the month, while actual sales were 28 units.
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.
