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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Lake Martin waterfront home sales up 5.7% from one year ago

On August 19, 2019   /   Lake Martin Real Estate  
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harbor point condos

By ACRE Research

Sales: According to the Lake Martin Area Association of Realtors, waterfront-area residential sales totaled 37 units during June, up 5.7% from 35 sales in the same month a year earlier. Results were down 7.5% from the previous month and 10.2% below the five-year average of 41 closed transactions.

Inventory: Homes listed for sale in the waterfront area during June totaled 306 units, an increase of 10.5% from June 2018’s 277 units and a decrease of 3.5% from May 2019’s 317 units.

Pricing: The Lake Martin waterfront median sales price in June was $598,000, an increase of 31.4% from one year ago and an increase of 20.3% from the prior month. This direction is consistent with historical data (2014-18) indicating that the June median sales price on average increases from May by 2.9%. 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 131 days, a decrease of 5.8% from 139 days in June 2018 and a decrease of 2.2% from 134 days in May.

Forecast: June sales were two units, or 5.7%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 35 sales for the month and actual sales were 37 units. ACRE forecast a total of 140 residential sales in the waterfront area year-to-date in 2019, while there were 159 actual sales in 2019 so far.

ACRE’s statewide perspective: Statewide residential sales increased slightly in May, extending the streak to five consecutive months of year-over-year sales gains. Statewide residential sales increased 1.4% from 6,306 closed transactions in May 2018 to 6,392 in May 2019. Year-to-date, sales are up 3.2% from 2018. Home price appreciation in the state continued to climb as the median sales price in May increased 4.3% year-over-year from $165,688 to $172,864. The statewide median sales price is also up 3.4% year-to-date. Although nationwide inventory levels are trending upward, Alabama’s residential listings decreased 11.6% 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 May spent an average of 88 days on the market, an improvement of 12 days from May 2018.

NAR’s national perspective: Existing home sales rebounded in May, posting their first year-over-year gain since August 2018. Nationwide sales increased 0.9% from approximately 535,000 closed transactions one year ago to 540,000 currently. The nationwide median existing-home price increased 4.8% in May, marking 87 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “The purchasing power to buy a home has been bolstered by falling mortgage rates, and buyers are responding.”

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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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Lake Martin waterfront homes listed for sale up from previous month

On April 1, 2019   /   Lake Martin Real Estate  
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By: ACRE Research

Sales: According to the Lake Martin Association of Realtors, waterfront-area residential sales totaled 11 units during January, down 15.4 percent from 13 sales in the same month a year earlier. Results were two sales below the five-year January average of 13 sales.

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

Inventory: Homes listed for sale in the waterfront area during January totaled 223 units, an increase of 27.4 percent from January 2018’s 175 units and an increase of 17.4 percent from December 2018’s 190 units.

Pricing: The Lake Martin waterfront median sales price in January was $410,000, a decrease of 1.2 percent from one year ago and a decrease of 41.8 percent from the prior month. This direction is inconsistent with historical data (2014-18) indicating that the January median sales price on average increases from December by 1.1 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 January was 208 days, a decrease of 6.7 percent from 223 days in January 2018, and a decrease of 1.4 percent from 211 days in December.

Forecast: January sales were one unit, or 8.3 percent, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 12 sales for the month and actual sales were 11 units. ACRE forecast a total of 288 residential sales in the waterfront area in 2019, while there were 346 sales in 2018.

ACRE’s statewide perspective: After a strong 2018, statewide residential sales in January increased 1.1 percent year-over-year from 3,320 to 3,358 closed transactions. Home price appreciation in the state continued to climb as the median sales price in January increased 5.5 percent year-over-year from $143,152 to $151,015. Although nationwide inventory levels are trending upward, Alabama’s residential listings decreased 7.4 percent from one year ago. Low inventory levels were a significant 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 January spent an average of 106 days on the market, an improvement of 10 days from 2018.

NAR’s national perspective: During January, total existing-home sales nationwide declined 9 percent from approximately 313,000 closed transactions one year ago to 285,000 currently. Lawrence Yun, chief economist for the National Association of Realtors, said, “Existing home sales in January were weak compared to historical norms; however, they are likely to have reached a cyclical low. Moderating home prices combined with gains in household income will boost housing affordability, bringing more buyers to the market in the coming months.”

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Lake Martin waterfront December home listings increase from a year ago

On January 28, 2019   /   Lake Martin Real Estate  
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By: ACRE Research

Sales: According to the Lake Martin Association of Realtors, waterfront-area residential sales totaled 16 units during December, down 30.4 percent from 23 sales in the same month a year earlier. Results were 23.1 percent below the five-year December average of 21 sales.

Inventory: Homes listed for sale in the waterfront area during December totaled 190 units, an increase of 26.7 percent from December 2017’s 150 units and a decrease of 15.9 percent from November 2018’s 226 units.

Pricing: The Lake Martin waterfront median sales price in December was $704,500, an increase of 115.4 percent from one year ago and an increase of 29.3 percent from the prior month. This direction is consistent with historical data (2013-17) indicating that the December median sales price on average increases from November by 4.1 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 December was 211 days, an increase of 26.3 percent from 167 days in December 2017, and an increase of 50.7 percent from 140 days in November.

Forecast: December sales were three units, or 15.8 percent, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 19 sales for the month and actual sales were 16 units. ACRE forecast a total of 346 residential sales in the waterfront area in 2018, while there were 297 actual sales.

ACRE’s statewide perspective: While nationwide sales declined 4.5 percent during November, residential sales in Alabama continued to grow. Total residential sales in Alabama increased 6.9 percent year-over-year from 4,311 to 4,606 closed transactions. Year-to-date through November, statewide residential sales are up 7 percent from 53,056 one year ago to 56,769 currently. Home price appreciation in the state continued to climb as the median sales price in November increased 3.2 percent year-over-year from $151,667 to $156,587. The year-to-date median sales price is up 4.7 percent from 2017. Although nationwide inventory levels increased by 4.2 percent in November, Alabama’s residential inventory decreased 8.8 percent from one year ago. Low inventory levels were a major factor contributing to rising sales prices throughout 2018. With low inventory, it is not surprising to see homes selling more quickly than in previous years. Homes selling in Alabama during November spent an average of 93 days on the market, an improvement of 24 days from 2017.

NAR’s national perspective: During November, nationwide inventory for existing homes increased 4.2 percent year-over-year from 1.67 million to 1.74 million residential listings. According to Lawrence Yun, chief economist for the National Association of Realtors, “the market conditions in November were mixed, with good signs of stabilizing home sales compared to recent months, though down significantly from one year ago. Rising inventory is clearly taming home price appreciation.”

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