According to the Lake Martin Area Association of Realtors, waterfront home sales during March remained unchanged year-over-year at 24 closed transactions. Sales increased 20.0% from February.
For all the Lake Martin Waterfront housing data, click here.
Inventory: March listings (171) increased 19.6% from February and increased 21.3% from one year ago. At the current sales pace, all the active inventory on the market would sell in 7.1 months, down from 7.2 months in February and up from 5.9 months in March 2024. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The median sales price in March was $762,500, a decrease of 6.8% from one year ago and a decrease of 14.0% from February. 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 March averaged 128 days on the market (DOM), 24 days slower than March 2024.
Forecast: March sales were 1 unit, or 2.6%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 25 sales for the month, while actual sales were 24 units. ACRE forecasted a total of 47 sales in the area year-to-date, while actual sales were 60 units, a difference of 28.68%
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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.
