According to the Lake Martin Area Association of Realtors, May residential sales (waterfront and non-waterfront) increased 12.5% year-over-year (Y/Y) from 72 to 81 closed transactions. Following seasonal trends, sales increased 68.8% from April. Sales are up 2.5% 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: May listings (463) increased 4.0% from April and 10.0% from one year ago. At the current sales pace, all the active inventory on the market would sell in 5.7 months, down from 9.3 months in April, and down from 5.8 months in May 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 May was $434,000, a decrease of 6.6% from one year ago and a decrease of 24.6% from April. 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 May averaged 116 days on the market (DOM), 27 days slower than May 2024.
Forecast: May sales were 19 units, or 31.3%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 62 sales for the month, while actual sales were 81 units. ACRE projected 225 sales in the area year-to-date, while actual sales were 245, a difference of 8.8%.
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.
