According to the Lake Martin Area Association of Realtors, February residential sales (waterfront and non-waterfront) decreased 12.5% year-over-year (Y/Y) from 40 to 35 closed transactions. Following seasonal trends, sales increased 25.0% from January. 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: February listings (353) increased 10.7% from January and increased 28.8% from one year ago. At the current sales pace, all the active inventory on the market would sell in 10.1 months, down from 11.4 in January and up from 6.9 months in February 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 February was $565,000, an increase of 3.2% from one year ago and a decrease of 3.0% from January. 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 February averaged 133 days on the market (DOM), 30 days faster than February 2024.
Forecast: February sales were 1 unit, or 2.8%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 34 sales for the month, while actual sales were 35 units. ACRE projected 60 sales in the area year-to-date, while actual sales were 63, a difference of 5.6%
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.
