Lake Martin waterfront July home prices up, sales down from last year

Lake Martin waterfront July home prices up, sales down from last year
The Lake Martin waterfront median sales price during July was $440,000, an increase of 14.3 percent from July 2016. (File)

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

Sales: Lake Martin waterfront sales totaled 23 units during July, down 34.3 percent from the same period in 2016. Sales for July 2016 on Lake Martin’s waterfront totaled 35 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 July was 261 units, a decrease of 16.6 percent from July 2016 and 56 percent below the June peak in 2009 of 597 units. July inventory decreased by 4.7 percent from June. This direction contrasts with historical data indicating that July inventory on average (2011-15) increases from June by 41.8 percent. There were 11.3 months of housing supply in July (6 months is considered equilibrium).

Demand: Waterfront residential sales decreased 48.9 percent during July from 45 units sold in June. Historical seasonal patterns indicate July sales on average (2012-16) increase from June by 24.7 percent.

Pricing: The Lake Martin waterfront median sales price during July was $440,000, an increase of 14.3 percent from July 2016 and 20 percent below 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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