By Brian Davis
Click here to view or print the entire monthly report compliments of the ACRE Corporate Cabinet.
Sales: Lake Martin waterfront sales totaled 27 units during March, a decrease of 25 percent or nine units from the same period in 2015. Year-to-date sales on Lake Martin’s waterfront are 15 percent below the same period a year ago. Another resource to review is the Annual Report.
Click here to check out all of ACRE’s data on Lake Martin’s waterfront sales.
Supply: The Lake Martin waterfront housing inventory in March was 326 units, a decrease of 9 percent from March 2015 and 37.7 percent below (this is good news) the March peak in 2009 (523 units). March inventory did increase by 8.3 percent from the prior month. This direction is consistent with historical data indicating that March inventory on average (2011-15) increases from February by 8.4 percent. There were 12.1 months of housing supply in March (6 months is considered equilibrium in March).
Demand: Waterfront residential sales more than doubled from the prior month during March, from 12 units sold in February to 27. Historical seasonal patterns indicate March sales on average (2011-15) increase by similar margins from February.
Pricing: The Lake Martin waterfront median sales price during March was $430,000, an increase of 14 percent from March 2015 and an increase of 31 percent from the prior month. Historical data indicate that the March median sales price (2011-15) typically decreases 2.4 percent from February. 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. A broader lens as to pricing trends is appropriate, and the Alabama Center for Real Estate (ACRE) recommends contacting a local real estate professional for additional market pricing information.
