According to the Lake Martin Area Association of Realtors, March residential sales (waterfront and non-waterfront) increased 1.9% year-over-year (Y/Y) from 52 to 52 closed transactions. Following seasonal trends, sales increased 51.43% from February. Sales are down 6.5% 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: March listings (398) increased 12.8% from February and increased 29.2% from one year ago. At the current sales pace, all the active inventory on the market would sell in 7.5 months, down from 10.1 in February and up from 5.9 months in March 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 March was $432,000, a decrease of 12.9% from one year ago and a decrease of 23.5% from February. 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 March averaged 147 days on the market (DOM), 48 days slower than March 2024.
Forecast: March sales were 1 unit, or 1.1%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 52 sales for the month, while actual sales were 53 units. ACRE projected 112 sales in the area year-to-date, while actual sales were 116, a difference of 3.5%
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.
