According to the Lake Martin Area Association of Realtors, November residential sales (waterfront and non-waterfront) decreased 26.2 year-over-year (Y/Y) from 42 to 31 closed transactions. Following seasonal trends, sales decreased 36.7% from October. Sales increased 17.6% 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: November listings (408) decreased 0.5% from October and increased 15.9% from one year ago. At the current sales pace, all the active inventory on the market would sell in 13.2 months, up from 8.4 months in October, and up from 8.4 months in November 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 November was $532,500, an increase of 43.6% from one year ago and a decrease of 9.7% from October. 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 November averaged 111 days on the market (DOM), 5 days faster than November 2024.
Forecast: November sales were 7 units, or 17.9%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 38 sales for the month, while actual sales were 31 units. ACRE projected 564sales in the area year-to-date, while actual sales were 589, a difference of 4.4%.
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.
