According to the Lake Martin Area Association of Realtors, waterfront home sales during August increased 7.7% year-over-year at 28 closed transactions. Sales decreased 3.5% from July.
For all the Lake Martin Waterfront housing data, click here.
Inventory: August listings (185) decreased 3.1% from July and decreased 11.1% from one year ago. At the current sales pace, all the active inventory on the market would sell in 6.6 months, remaining unchanged from July, and down from 8.0 months in August 2024. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The median sales price in August was $1,300,000, an increase of 37.9% from one year ago and an increase of 3.3% from July. 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 August averaged 86 days on the market (DOM), 35 days faster than August 2024.
Forecast: August sales were 1 unit, or 3.5%, below Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 29 sales for the month, while actual sales were 28 units. ACRE forecasted a total of 193 sales in the area year-to-date, while actual sales were 193 units, a difference of 0.2%
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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.
