According to the Lake Martin Area Association of Realtors, waterfront home sales during July increased 11.5% year-over-year at 29 closed transactions. Sales increased 11.5% from June.
For all the Lake Martin Waterfront housing data, click here.
Inventory: July listings (191) increased 4.4% from June and decreased 6.8% from one year ago. At the current sales pace, all the active inventory on the market would sell in 6.6 months, down from 7.0 months in June, and down from 7.9 months in July 2024. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The median sales price in July was $1,258,000, an increase of 68.3% from one year ago and an increase of 3.3% 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.
Lake Martin homes sold in July averaged 135 days on the market (DOM), 16 days slower than July 2024.
Forecast: July sales were 2 units, or 7.0%, below Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 31 sales for the month, while actual sales were 29 units. ACRE forecasted a total of 164 sales in the area year-to-date, while actual sales were 165 units, a difference of 0.4%
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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.
