Sales: Lake Martin area residential sales totaled 44 units during July, down by 8 units from the same month in 2016, when sales in the area totaled 52. Year to date, area sales are up 43.3 percent from the same period in 2016. Another resource to review is the Annual Report.
For all of Lake Martin’s area housing data, click here.
Forecast: June sales were 8 units or 15 percent below the Alabama Center for Real Estate’s monthly forecast. ACRE’s sales forecast through July projected 309 closed transactions, while the actual sales were 384 units.
Supply: The Lake Martin area housing inventory in July was 428 units, a decrease of 9.9 percent from a year earlier. July inventory decreased by 3.6 percent from the prior month. This direction is consistent with historical data indicating that July inventory on average (2012-16) decreases from June by 8.4 percent. There was 9.7 months of housing supply in July (6 months is considered equilibrium in July ), an increase of 6.5 percent from last July’s 9.1 months of supply.
Demand: Residential sales decreased 25 units from the prior month. This direction contrasts with seasonal patterns and historical data indicating July sales on average (2012-16) increase 0.1 percent from June.
Pricing: The Lake Martin area median sales price in July was $305,000, an increase of 7 percent from July 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: “We are keeping our full-year economic growth outlook at 2 percent as risks to our forecast are roughly balanced,” said Fannie Mae Chief Economist Doug Duncan. “On the upside, consumer spending growth might not moderate as much as we have accounted for in our forecast. A build-up in inventory also should be positive for growth this quarter, and nonresidential investment in structures will likely continue to improve as oil prices stabilize.”
Click here to generate more graphs from the Lake Martin area July Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply.