Lake Martin Area Home Sales February 2020

On April 13, 2020   /   Lake Martin Market News  
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lake martin sales inventory graph

Editor’s Note: All information in this article reflects data provided to the Alabama Center for Real Estate for the time period February 1 – 29, 2020. Thus, the performance represented is historical and should not be used as an indicator of future results, particularly considering the upcoming impact of COVID-19 on the housing market. 

Sales: According to the Lake Martin Area Association of Realtors, February residential sales (44 closed transactions) were equal to one year ago. Following seasonal trends, sales increased 18.9% from January. Results were 22.2% above the 5-year February average of 36 sales. Two more resources to review: Quarterly Report and Annual Report.

Inventory: Total homes listed for sale in February declined 10.1% year-over-year from 486 to 437 listings. The market currently has 9.9 months of supply, down 10.1% from 11 months of supply in February 2019.

Pricing: The area’s median sales price in February was $227,000, an increase of 59% from one year ago and a decrease of 25% from the prior month. This direction is consistent with historical data (2015-2019) indicating that the February median sales price on average decreases 10% from January. 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. The average number of days on the market (DOM) for homes sold during February was 96 days, down 36% from 150 days one year ago and down 41.5% from 164 days in January 2020.

Forecast: February sales were 1 unit, or 2.3%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 43 sales for the month, while actual sales were 44 units. ACRE forecast a total of 79 sales in the area year-to-date, while there were 81 actual sales through February, a difference of 2.5%.

The Lake Martin Area Residential Monthly Report is developed in conjunction with the Lake Martin Area Association of Realtors to better serve area consumers.

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Lake Martin waterfront homes selling faster on average than a year ago

On December 16, 2019   /   Lake Martin Market News  
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crowne point sunset

By ACRE Research

Sales: According to the Lake Martin Association of Realtors, waterfront-area residential sales totaled 17 units during November, down 26.1 percent from 23 sales in the same month a year earlier. Results were 3.4 percent below the five-year November average of 18 sales.

For all waterfront-area home sales data, click here.

Inventory: Homes listed for sale in the waterfront area during November totaled 226 units, an increase of 19.6 percent from November 2017’s 189 units and a decrease of 10.7 percent from October 2018’s 253 units.

Pricing: The Lake Martin waterfront median sales price in November was $545,000, an increase of 24.7 percent from one year ago and an increase of 13.2 percent from the prior month. This direction is consistent with historical data (2013-17) indicating that the November median sales price on average increases from October by 17.8 percent. 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. The average number of days spent on the market (DOM) by waterfront homes that sold during November was 140 days, a decrease of 21.3 percent from 178 days in November 2017, and a decrease of 3.4 percent from 145 days in October.

Forecast: November sales were equal to the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 17 sales for the month and actual sales were 17 units. ACRE forecast a total of 327 residential sales in the waterfront area year-to-date, while there were 281 actual sales through November.

ACRE’s statewide perspective: While nationwide sales declined 2.6 percent during October, residential sales in Alabama continued to grow during the fall of 2018. Total residential sales in Alabama increased 9.1 percent year-over-year from 4,473 to 4,880 closed transactions. Year-to-date through October, statewide residential sales are up 7 percent from 48,745 one year ago to 52,163 currently. Home-price appreciation in the state continued to grow as the median sales price in October increased 7.1 percent year-over-year from $146,458 to $156,872. The year-to-date median sales price is up 4.8 percent from 2017. Although nationwide inventory levels increased 2.8 percent in October, Alabama’s residential inventory decreased 9.2 percent from one year ago. Low inventory levels were a major factor contributing to rising sales prices throughout 2018. With low inventory levels, it is not surprising to see homes selling more quickly than in previous years. Homes selling in Alabama during October spent an average of 98 days on the market, an improvement of 15 days from 2017.

NAR’s national perspective:  During October, nationwide inventory for existing homes increased 2.8 percent year-over-year from 1.8 million to 1.85 million residential listings. According to Lawrence Yun, chief economist for the National Association of Realtors, “As more inventory enters the market and we head into the winter season, home price growth has begun to slow more meaningfully. This allows for much more manageable, less frenzied buying conditions.”

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June Home Sales on Lake Martin

On July 15, 2019   /   Lake Martin Market News  
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WATERFRONT HOME SALES LAKE MARTIN

By ACRE Research

Sales: According to the Lake Martin Association of Realtors, waterfront area residential sales totaled 35 units during June, down 22.2 percent from 45 sales in the same month a year earlier. However, June sales were up 9.4 percent compared to 32 sales in May. Results were 14.6 percent below the five-year June average of 41 sales.

For all waterfront area home sales data, click here.

Inventory: Homes listed for sale in the waterfront area during June totaled 277 units, an increase of 1.1 percent from June 2017’s 274 units, and an increase of 1.8 percent from May 2018’s 272 units. June months of supply totaled 7.9 months, a decrease of 6.9 percent from May 2018’s 8.5 months of supply. However, June’s months of supply increased 30 percent from June 2017’s 6.1 months of supply.

Pricing: The Lake Martin waterfront median sales price in June was $455,000, a decrease of 17.3 percent from one year ago and a decrease of 14.2 percent from the prior month. This direction is inconsistent with historical data (2013-17) indicating that the June median sales price on average increases from May by .7 percent. 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. The average number of days spent on the market (DOM) by waterfront homes that sold during June was 139 days, a decrease of 9.7 percent from 154 days in June 2017, but an increase of 21.9 percent from 114 days in May.

Forecast: June sales were seven units, or 16.7 percent, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 42 sales for the month, while actual sales were 35 units. ACRE forecasts a total of 168 residential sales in the waterfront area year-to-date, while there were 148 actual sales through June.

ACRE’s statewide perspective: Alabama and the United States are getting ready for the summer months of real estate. Coming into summer, the spring home-buying season had been significantly affected by very low inventory levels. May residential listings decreased more than 7 percent in the state and decreased 6.1 percent nationwide from one year ago. Residential sales in Alabama, however, increased 8 percent from one year ago, which is impressive considering the 7.3 percent drop in inventory. Home price appreciation heated up with the temperatures as the statewide median sales price increased 10.7 percent from one year ago, while also increasing 7 percent during the first quarter of the year. Home sales prices are expected to continue their upward climb throughout the summer as inventory levels are likely to repeat the declines that were seen during the spring.

NAR’s national perspective: Lawrence Yun, National Association of Realtors chief economist, says a solid economy and job market should be generating a much stronger sales pace than what has been seen so far this year. “Closings were down in a majority of the country last month and declined on an annual basis in each major region,” he said. “Incredibly low supply continues to be the primary impediment to more sales, but there’s no question the combination of higher prices and mortgage rates are pinching the budgets of prospective buyers, and ultimately keeping some from reaching the market.”

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Lake Martin waterfront home sales in April up 12.5 percent from last year

On May 20, 2019   /   Lake Martin Market News  
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By ACRE Research

Sales: According to the Lake Martin Area Association of Realtors, waterfront-area residential sales totaled 27 units during April, up 12.5 percent from 24 sales in the same month a year earlier. Results were one sale above the five-year April average of 26 sales.

Inventory: Homes listed for sale in the waterfront area during April totaled 318 units, an increase of 15.2 percent from April 2018’s 276 units and an increase of 10 percent from March 2019’s 289 units.

Pricing: The Lake Martin waterfront median sales price in April was $400,000, a decrease of 13 percent from one year ago and a decrease of 20.3 percent from the prior month. This direction is inconsistent with historical data (2014-18) indicating that the April median sales price on average increases from March by 3.6 percent. 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. The average number of days spent on the market (DOM) by waterfront homes that sold during April was 225 days, an increase of 208.2 percent from 73 days in April 2018 and an increase of 52 percent from 148 days in March.

Forecast: April sales were four units above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 23 sales for the month and actual sales were 27 units. ACRE forecast a total of 75 residential sales in the waterfront area year-to-date in 2019, while there were 82 sales in 2019 so far.

ACRE’s statewide perspective: While nationwide residential sales dropped 8 percent in March, demand for housing in Alabama remained strong. Statewide residential sales increased slightly (0.02 percent) from 5,341 closed transactions in March 2018 to 5,342 in March 2019. Year-to-date, sales increased 3.6 percent from 2018. Home price appreciation in the state continued to climb but at a slower pace as the median sales price in March increased 2.6 percent year-over-year from $158,617 to $162,759. The statewide median sales price is also up 3.6 percent year-to-date. Although nationwide inventory levels are trending upward, Alabama’s residential listings decreased 11.3 percent from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and in the spring buying season of 2019. With low inventory levels, it is not surprising to see homes selling more quickly than in previous years. Homes selling in Alabama during March spent an average of 99 days on the market, an improvement of 19 days from March 2018.

NAR’s national perspective: During March, total existing-home sales nationwide declined 7.8 percent from approximately 434,000 closed transactions one year ago to 400,000 currently. The nationwide median existing-home price increased 3.8 percent in March, marking 85 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “It is not surprising to see a retreat after a powerful surge in sales in the prior month. Still, current sales activity is underperforming in relation to the strength in the jobs markets. The impact of lower mortgage rates has not yet been fully realized.”

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June home sales on Lake Martin waterfront up 9 percent from May

On August 27, 2018   /   Lake Martin Market News  
Tags: , , ,
lake martin june 2018 sales

By ACRE Research

Sales: According to the Lake Martin Association of Realtors, waterfront area residential sales totaled 35 units during June, down 22.2 percent from 45 sales in the same month a year earlier. However, June sales were up 9.4 percent compared to 32 sales in May. Results were 14.6 percent below the five-year June average of 41 sales.

For all waterfront area home sales data, click here.

Inventory: Homes listed for sale in the waterfront area during June totaled 277 units, an increase of 1.1 percent from June 2017’s 274 units, and an increase of 1.8 percent from May 2018’s 272 units. June months of supply totaled 7.9 months, a decrease of 6.9 percent from May 2018’s 8.5 months of supply. However, June’s months of supply increased 30 percent from June 2017’s 6.1 months of supply.

Pricing: The Lake Martin waterfront median sales price in June was $455,000, a decrease of 17.3 percent from one year ago and a decrease of 14.2 percent from the prior month. This direction is inconsistent with historical data (2013-17) indicating that the June median sales price on average increases from May by .7 percent. 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. The average number of days spent on the market (DOM) by waterfront homes that sold during June was 139 days, a decrease of 9.7 percent from 154 days in June 2017, but an increase of 21.9 percent from 114 days in May.

Forecast: June sales were seven units, or 16.7 percent, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 42 sales for the month, while actual sales were 35 units. ACRE forecasts a total of 168 residential sales in the waterfront area year-to-date, while there were 148 actual sales through June.

ACRE’s statewide perspective: Alabama and the United States are getting ready for the summer months of real estate. Coming into summer, the spring home-buying season had been significantly affected by very low inventory levels. May residential listings decreased more than 7 percent in the state and decreased 6.1 percent nationwide from one year ago. Residential sales in Alabama, however, increased 8 percent from one year ago, which is impressive considering the 7.3 percent drop in inventory. Home price appreciation heated up with the temperatures as the statewide median sales price increased 10.7 percent from one year ago, while also increasing 7 percent during the first quarter of the year. Home sales prices are expected to continue their upward climb throughout the summer as inventory levels are likely to repeat the declines that were seen during the spring.

NAR’s national perspective: Lawrence Yun, National Association of Realtors chief economist, says a solid economy and job market should be generating a much stronger sales pace than what has been seen so far this year. “Closings were down in a majority of the country last month and declined on an annual basis in each major region,” he said. “Incredibly low supply continues to be the primary impediment to more sales, but there’s no question the combination of higher prices and mortgage rates are pinching the budgets of prospective buyers, and ultimately keeping some from reaching the market.”

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