According to the Lake Martin Area Association of Realtors, April residential sales (waterfront and non-waterfront) increased 11.6% year-over-year (Y/Y) from 43 to 48 closed transactions. Following seasonal trends, sales decreased 9.4% from March. Sales are down 1.8% 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: April listings (445) increased 11.8% from March and increased 20.0% from one year ago. At the current sales pace, all the active inventory on the market would sell in 9.3 months, up from 7.5 in March and up from 8.6 months in April 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 April was $575,750, a decrease of 11.3% from one year ago and an increase of 33.3% from March. 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 April averaged 118 days on the market (DOM), 40 days slower than April 2024.
Forecast: April sales were 3 units, or 6.4%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 51 sales for the month, while actual sales were 48 units. ACRE projected 163 sales in the area year-to-date, while actual sales were 164.
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.
