Lake Martin’s waterfront home sales decrease from last July
Topics: Residential Real Estate
Markets: Lake Martin - Waterfront Only
Sales: According to the Lake Martin Area Association of Realtors, July waterfront sales decreased 46.6% year-over-year from 73 to 39 closed transactions. The number of sales, 39, remained the same from June. Sales are now down 9.3% year-to-date.
For all of the Lake Martin Waterfront housing data, click here.
Inventory: July listings (105) increased 9.4% from June and declined 36.8% from one year ago. Months of supply (inventory to sales ratio) also decreased from 2.3 to 2.7 year-over-year, reflecting a market where seller’s generally have elevated bargaining power.
Pricing: The median sales price in July was $729,900, an increase of 21.7% from one year ago and an decrease of 6.0% 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.
Lake homes sold in July averaged 71 days on the market (DOM), 106 days faster than July 2020.
Forecast: July sales were 5 units, or 12.1%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 44 sales for the month, while actual sales were 39 units. ACRE forecast a total of 276 residential sales year-to-date, while there were 234 actual sales through July, a difference of 15.3%.
Click here to view the entire monthly report.
The Lake Martin Area Waterfront only 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.