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.
