According to the Lake Martin Area Association of Realtors, June residential sales (waterfront and non-waterfront) decreased 8.2% year-over-year (Y/Y) from 61 to 56 closed transactions. Following seasonal trends, sales decreased 30.9% from May. Sales are up 0.3% 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: June listings (463) remained constant from May and increased 3.6% from one year ago. At the current sales pace, all the active inventory on the market would sell in 8.3 months, up from 5.7 months in May, and up from 7.3 months in June 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 June was $376,500, a decrease of 5.6% from one year ago and a decrease of 13.3% from May. 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 June averaged 124 days on the market (DOM), 38 days slower than June 2024.
Forecast: June sales were 7 units, or 10.6%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 63 sales for the month, while actual sales were 56 units. ACRE projected 288 sales in the area year-to-date, while actual sales were 301, a difference of 4.6%.
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.
