Lake Martin waterfront home sales rise in January compared to prior year

Lake Martin waterfront home sales rise in January compared to prior year
January got Lake Martin's waterfront real estate off to its strongest start in years. (iStock)

Click here to view or print the entire monthly report compliments of the ACRE Corporate Cabinet.

Sales: Lake Martin waterfront sales totaled 18 units during January, up 50 percent from the same period in 2016. Sales for January 2016 on Lake Martin’s waterfront totaled 12 units. It is important to note that even single-digit changes in the home sales total can cause double-digit percentage changes.

Home sales along Lake Martin’s waterfront increased by six units in January compared to the previous year.

Supply: The Lake Martin waterfront housing inventory in January was 210 units, a decrease of 14 percent from January 2016 and 57 percent below the January peak in 2009 of 484 units. January inventory increased by 23 percent from December. This direction is consistent with historical data indicating that January inventory on average (2011-15) increases from December by 14.8 percent. There were 11.7 months of housing supply in January (6 months is considered equilibrium).

Demand: Waterfront residential sales increased 12.5 percent during January, from 16 units sold in December. Historical seasonal patterns indicate January sales on average (2012-16) decrease by 0.8 percent from December.

Pricing: The Lake Martin waterfront median sales price during January was $368,000, a decrease of 30 percent from January 2016 and a decrease of 21 percent from the prior month. 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.

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

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