Sales: Lake Martin area residential sales totaled 62 units during April, up by 23 units from the same month in 2016, when sales in the area totaled 39. Another resource to review is the Annual Report.
For all of Lake Martin’s area housing data, click here.
Forecast: April sales were 16 units or 34 percent above the Alabama Center for Real Estate’s monthly forecast. ACRE’s sales forecast through April projected 150 closed transactions, while the actual sales were 195 units.
Supply: The Lake Martin area housing inventory in April was 435 units, a decrease of 14 percent from a year earlier. April inventory increased by 6 percent from the prior month. This direction is consistent with historical data indicating that April inventory on average (2012-16) increases from March by 4 percent. There were 7 months of housing supply in April (6 months is considered equilibrium in April), a decrease of 46 percent from last April’s 13 months of supply.
Demand: Residential sales decreased six units from the prior month. This direction is consistent with seasonal patterns and historical data indicating April sales on average (2012-16) decrease 8 percent from March.
Pricing: The Lake Martin area median sales price in April was $247,000, an increase of 43 percent from April 2016. Pricing can and will fluctuate from month to month because of 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.
Industry perspective: “The Home Purchase Sentiment Index returned to its longer-term trend line after reclaiming ground lost last month. This is aligned with our market forecast of about 3 percent sales growth in 2017,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “Historically strong inflation-adjusted house price gains are tempering consumer sentiment, whereas consumer optimism regarding the ease of getting a mortgage reached a survey high. On balance, housing continues on a gradual growth track.”
Click here to generate more graphs from the Lake Martin area April Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply.