According to the Lake Martin Area Association of Realtors, July residential sales (waterfront and non-waterfront) decreased 1.6% year-over-year (Y/Y) from 63 to 62 closed transactions. Contrary to seasonal trends, sales increased 10.7% from June. Sales remain unchanged 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: July listings (471) increased 1.7% from June and increased 9.3% from one year ago. At the current sales pace, all the active inventory on the market would sell in 7.6 months, down from 8.3 months in June, and up from 6.8 months in July 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 July was $564,000, an increase of 61.1% from one year ago and an increase of 49.8% from June. 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 July averaged 123 days on the market (DOM), 2 days slower than July 2024.
Forecast: July sales were 3 units, or 4.3%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 59 sales for the month, while actual sales were 62 units. ACRE projected 347 sales in the area year-to-date, while actual sales were 363, a difference of 4.6%.
Click here to view the entire monthly report.
Lake Martin Area Residential Monthly Report is developed in conjunction with the Lake Martin Area Association of Realtors to better serve area consumers.
