Lake Martin waterfront home sales up in May compared to last year

Lake Martin waterfront home sales up in May compared to last year
The median sales price for Lake Martin waterfront homes was up 14 percent in May from a year earlier. (File)

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

Sales: Lake Martin waterfront sales totaled 36 units during May, up 12.5 percent from the same period in 2016. Sales for May 2016 on Lake Martin’s waterfront totaled 32 units. It is important to note that even single-digit changes in the home sales total can cause double-digit percentage changes.

Supply: The Lake Martin waterfront housing inventory in May was 269 units, a decrease of 23 percent from May 2016 and 45 percent below the May peak in 2010 of 488 units. May inventory decreased by 3 percent from April. This direction contrasts with historical data indicating that May inventory on average (2011-15) increases from April by 2.1 percent. There were 7.5 months of housing supply in May (6 months is considered equilibrium).

Demand: Waterfront residential sales increased 9 percent during May, from 33 units sold in April. Historical seasonal patterns indicate May sales on average (2012-16) decrease from April.

Pricing: The Lake Martin waterfront median sales price during May was $433,250, an increase of 13.6 percent from May 2016 and 15.5 percent above the prior month. Pricing 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.

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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