By: Bryan Davis
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Sales: Lake Martin waterfront sales totaled 37 units during September, unchanged from the same period in 2015. Year-to-date sales on Lake Martin’s waterfront are 11 percent below the same period a year ago. It is important to note that even single-digit changes in the home sales total can cause double-digit percentage changes.
Supply: The Lake Martin waterfront housing inventory in September was 257 units, a decrease of 17 percent from September 2015 and 51 percent below the September peak in 2009 of 526 units (this is good news). September inventory also decreased by 3 percent from August. This direction is consistent with historical data indicating that September inventory on average (2011-15) decreases from August by 7.2 percent. There were 6.9 months of housing supply in September (6 months is considered equilibrium).
Demand: Waterfront residential sales increased 23 percent during September, from 30 units sold in August. Historical seasonal patterns indicate September sales on average (2011-15) decrease by 16.6 percent from August.
Pricing: The Lake Martin waterfront median sales price during September was $440,000, an increase of 13 percent from September 2015 and an increase of 20.5 percent from the prior month. Pricing will fluctuate from month to month due to changing composition of actual sales (lakefront vs. non-lakefront) and the sample size of data (closed transactions) being subject to seasonal buying patterns. ACRE recommends contacting a local real estate professional for additional market pricing information.
The Lake Martin Waterfront Residential Monthly Report is developed in conjunction with the Lake Martin Area Association of Realtors to better serve area consumers.