Sales: Lake Martin area residential sales totaled 69 units during June, up by 24 units from the same month in 2016, when sales in the area totaled 46. Another resource to review is the Annual Report.
For all of Lake Martin’s area housing data, click here.
Forecast: June sales were 15 units or 23 percent above the Alabama Center for Real Estate’s monthly forecast. ACRE’s sales forecast through June projected 257 closed transactions, while the actual sales were 340 units.
Supply: The Lake Martin area housing inventory in June was 444 units, a increase of 30 percent from a year earlier. June inventory increased by 2.5 percent from the prior month. This direction is consistent with historical data indicating that June inventory on average (2012-16) increases from May by 6.2 percent. There were 6.4 months of housing supply in June (6 months is considered equilibrium in June), a decrease of 13 percent from last June’s 7.4 months of supply.
Demand: Residential sales decreased 7 units from the prior month. This direction contrasts with seasonal patterns and historical data indicating June sales on average (2012-16) increase 26 percent from May.
Pricing: The Lake Martin area median sales price in June was $359,900, a increase of 5.2 percent from June 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: “While second-quarter growth is poised to rebound, we expect growth to moderate through the remainder of 2017. Consumer spending, traditionally the largest contributor to economic growth, is sluggish and is lagging positive consumer sentiment and solid hiring,” said Fannie Mae Chief Economist Doug Duncan. “While labor market slack continues to diminish, wage growth is not accelerating and inflation has moved further below the Fed’s target. These conditions support our call that the Fed will continue gradual monetary policy normalization, announce its balance sheet tapering policy in September, and wait until December for additional data, especially on inflation, before raising the fed funds rate for the third time this year.”
Click here to generate more graphs from the Lake Martin area June Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply.