Archive for the Lake Martin Real Estate Category

Sales: Waterfront sales on Lake Martin totaled 36 units in March, a significant increase in sales growth of 28.6 percent or 8 units above the same period last year. Year-to-date sales through March are up 30.4 percent from 2014.

Supply: The Lake Martin waterfront inventory in March was 358 units, an increase of 10.5 percent from March 2014 but 31.5 percent below (this is good news) the month of March peak in 2009 (523 units). In addition, March inventory increased by 9.5 percent from the prior month. This direction is consistent with historical data indicating that March inventory on average (’10-’14) increases from the month of February by 9.3 percent. There were 9.9 months of housing supply in March, a favorable decrease of 14.1 percent from last March’s 11.6 months of supply.

Demand: March waterfront sales also increased 140.0 percent from the prior month. This direction is consistent with historical data that indicates March sales, on average (’10-’14), increase by 173.9 percent from the month of February.

Pricing: The Lake Martin waterfront median sales price in March was $376,250, an increase of .3 percent from March 2014 and 7.5 percent above the prior month. This direction favorably contrast with historical data indicating that the March median sales price on average (’10-’14) decreases 4.9 percent from the month of February. Pricing can & will fluctuate from month-to-month due to the changing sample size of data (closed transactions) being subject to seasonal buying patterns. A broader lens as to pricing trends is appropriate and we highly recommend contacting a local real estate professional for additional market pricing information.

Industry Perspective: Steve Arnsberg, Vice President of Residential Sales with Russell Lands at Lake Martin: “We expect to see increases in the number of property sales for 2015, but likely not as large of an increase as we experienced in the last 12 months. The reason for the lowered trajectory is due to lower inventory levels of available property expected by mid-summer. Some property types are already in short supply. The uncertainty of interest rates creates a less than clear future beyond mid-summer. The world’s best economist cannot predict if and when the Federal Reserve will raise rates so it is an exercise in futility for us to speculate further. One thing is known, rates for second homes and jumbo loans have never been more attractive than right now! Rates vary daily, but something around 4% for those with good credit are not unusual to find! Given shrinking inventory and attractive interest rates, it is likely that sales will be brisk through to the first of July. New property offerings expected in early summer could help inventory – stay tuned to the Fed for interest rate changes.”

Go here for our broader Lake Martin Area report that includes Lake Martin (lakefront/non-lakefront homes), Alexander City, Dadeville and Horseshoe Bend.

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The Lake Martin Waterfront Residential Monthly Report is work product developed in conjunction with the Lake Martin Area Association of REALTORS to better serve area consumers. The ACRE monthly report is provided to illustrate the “general” market direction & trends when comparing prior periods with the most current residential data available. Real estate is local and statistics will fluctuate between areas including lakefront and non-lakefront dwellings. ACRE recommends that you consult a local real estate professional for “specific” advice associated with your market.

Lake Martin Area Association of REALTORS® is your premier source for real estate on Lake Martin, Alabama. Lake Martin is located in east central Alabama about 40 miles northeast of Montgomery and approximately 115 miles southwest of Atlanta. This Alabama Power Company reservoir encompasses 44,000 acres and has more than 700 miles of shoreline.

The Alabama Center for Real Estate‘s core purpose is to advance the real estate industry in Alabama by providing relevant resources in the areas of research, education and outreach.

ACRE was founded by legislative act in 1996 due to the efforts of the Alabama Real Estate Commission, the Alabama Association of REALTORS and the Office of the Dean, UA Culverhouse College of Commerce to serve the State of Alabama real estate industry and the consumers it serves. ACRE is not a state-funded entity, rather its operates in part because of the goodwill & generosity of the ACRE Corporate Cabinet and our statewide ACRE Partners.