Lake Martin area home sales increase from last month
Topics: Residential Real Estate
Markets: Lake Martin Area
Sales: According to the Lake Martin Area Association of Realtors, July residential sales (waterfront and non-waterfront) decreased 21.6% year-over-year (Y/Y) from 116 to 91 closed transactions, marking two consecutive months of Y/Y decline. Sales increased 7.1% from June. Sales are now up 14.5% 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: July listings (246) decreased 7.0% from June and declined 33.7% from one year ago. Months of supply (inventory to sales ratio) also decreased from 3.2 to 2.7, reflecting a market where seller’s generally have elevated bargaining power.
Pricing: The area’s median sales price in July was $296,900, a decrease of 18.6% from one year ago and a decrease of 25.6% from June. 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 July averaged 99 days on the market (DOM), 67 days faster than July 2020.
Forecast: July sales were 1 unit, or 1.3%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 90 sales for the month, while actual sales were 91 units. ACRE forecast a total of 561 residential sales year-to-date, while there were 537 actual sales through July, a difference of 4.2%.
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.
Editor's Note: All information in this article reflects data provided to the Alabama Center for Real Estate for the time period July 1 - 31, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.