Sales: Lake Martin area residential sales totaled 76 units during May, up by 29 units from the same month in 2016, when sales in the area totaled 47. Another resource to review is the Annual Report.
For all of Lake Martin’s area housing data, click here.
Forecast: May sales were 25 units or 49 percent above the Alabama Center for Real Estate’s monthly forecast. ACRE’s sales forecast through May projected 201 closed transactions, while the actual sales were 271 units.
Supply: The Lake Martin area housing inventory in May was 433 units, a decrease of 14 percent from a year earlier. May inventory decreased by 0.5 percent from the prior month. This direction contrasts with historical data indicating that May inventory on average (2012-16) increases from April by 0.5 percent. There were 5.7 months of housing supply in May (6 months is considered equilibrium in May), a decrease of 47 percent from last May’s 10.7 months of supply.
Demand: Residential sales increased 14 units from the prior month. This direction is consistent with seasonal patterns and historical data indicating May sales on average (2012-16) increase 28 percent from April.
Pricing: The Lake Martin area median sales price in May was $195,000, a decrease of 32.5 percent from May 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: “Once again, our full-year growth forecast remains intact as the economy grinds along, with the prospect of material policy changes appearing to be delayed,” said Fannie Mae Chief Economist Doug Duncan. “We expect consumer spending to resume its role as the biggest driver of growth in the second quarter amid improvements in the labor market. Positive demographic factors should continue to reshape the housing market, as rising employment and incomes appear to be positively influencing millennial homeownership rates. However, the tight supply of homes for sale continues to act as both a boon to home prices and an impediment to affordability.”
Click here to generate more graphs from the Lake Martin area May Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply.