According to the Lake Martin Area Association of Realtors, August residential sales (waterfront and non-waterfront) increased 31.0% year-over-year (Y/Y) from 58 to 76 closed transactions. Following seasonal trends, sales increased 22.6% from July. Sales increased 4.3% 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: August listings (462) decreased 1.9% from July and increased 9.5% from one year ago. At the current sales pace, all the active inventory on the market would sell in 6.1 months, down from 7.6 months in July, and down from 7.3 months in August 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 August was $405,000, a decrease of 3.1% from one year ago and a decrease of 28.2% from July. 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 August averaged 112 days on the market (DOM), 16 days slower than August 2024.
Forecast: August sales were 6 units, or 8.4%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 70 sales for the month, while actual sales were 76 units. ACRE projected 417 sales in the area year-to-date, while actual sales were 439, a difference of 5.2%.
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.
