According to the Lake Martin Area Association of Realtors, waterfront home sales during May decreased 9.4% year-over-year at 29 closed transactions. Sales increased 38.1% from April.
For all the Lake Martin Waterfront housing data, click here.
Inventory: May listings (196) decreased 1.0% from April and 6.7% from one year ago. At the current sales pace, all the active inventory on the market would sell in 6.8 months, down from 9.4 months in April and up from 6.6 months in May 2024. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The median sales price in May was $1,150,000, an increase of 24.3% from one year ago and a decrease of 15.3% from April. 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 May averaged 106 days on the market (DOM), 22 days slower than May 2024.
Forecast: May sales were equivalent to the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 29 sales for the month, while actual sales were 29 units. ACRE forecasted a total of 100 sales in the area year-to-date, while actual sales were 110 units, a difference of 9.9%
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.
