Lake Martin waterfront May home sales up from April – Alabama News Center
Click here to view or print the entire monthly report compliments of the ACRE Corporate Cabinet.
Sales: Lake Martin waterfront sales totaled 32 units during May, a decrease of 3 percent or one unit from the same period in 2015. Year-to-date sales on Lake Martin’s waterfront are 9.4 percent below the same period a year ago. Another resource to review is the Annual Report.
Click here to check out all of the Alabama Center for Real Estate’s data on Lake Martin’s waterfront sales.
Lake Martin waterfront May home sales up from April – Alabama NewsCenter
Supply: The Lake Martin waterfront housing inventory in May was 351 units, a decrease of 8.1 percent from May 2015 and 42 percent below the May peak in 2009 of 605 units (this is good news). May inventory also decreased by 0.6 percent from April. This direction contrasts with historical data indicating that May inventory on average (2011-15) increases from April by 3.1 percent. There were 10.9 months of housing supply in May (6 months is considered equilibrium in May).
Demand: Waterfront residential sales increased 39.1 percent during May, from 23 units sold in April. Historical seasonal patterns indicate May sales on average (2011-15) increase by 38.6 percent from April.
Pricing: The Lake Martin waterfront median sales price during May was $381,250, an increase of 8.9 percent from May 2015 and an increase of 2.8 percent from the prior month. Historical data indicate that the May median sales price (2011-15) typically increases 11.6 percent from April. 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.
