According to the Lake Martin Area Association of Realtors, waterfront home sales during February increased 17.6% year-over-year from 17 to 20 closed transactions. Sales increased 25.0% from January.
For all the Lake Martin Waterfront housing data, click here.
Inventory: February listings (143) increased 9.2% from January and increased 17.2% from one year ago. At the current sales pace, all the active inventory on the market would sell in 7.2 months, down from 8.2 months in January and consistent with the 7.2 months in February 2024. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The median sales price in February was $887,000, a decrease of 11.2% from one year ago and a decrease of 5.9% 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.
Lake Martin homes sold in February averaged 149 days on the market (DOM), 22 days faster than February 2024.
Forecast: February sales were 5 units, or 33.3%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 15 sales for the month, while actual sales were 20 units. ACRE forecasted a total of 22 sales in the area year-to-date, while actual sales were 36 units, a difference of 63.6%
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The Lake Martin Area Waterfront only report is developed in conjunction with the Lake Martin Area Association of Realtors to better serve area consumers.
