Sales: Lake Martin waterfront sales totaled 38 units during September, a 2.7 percent increase from the same period in 2016. Sales for September 2016 on Lake Martin’s waterfront totaled 37 units.
Supply: The Lake Martin waterfront housing inventory in September was 229 units, a decrease of 10.9 percent from September 2016 and 48.5 percent below the August peak in 2010 of 447 units. September inventory decreased by 9.7 percent from August. There were 6.7 months of housing supply in September (6 months is considered equilibrium).
Pricing: The Lake Martin waterfront median sales price during September was $599,000, an increase of 36.1 percent from September 2016 and 42.3 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.
Industry analysis: “The impacts from this season’s hurricanes on the U.S. economy were wide-ranging but should dissipate over time. These include the loss of momentum in consumer spending and residential investment, as well as a decline in September payrolls and August home sales and contract signings,” said Fannie Mae Chief Economist Doug Duncan. “We expect economic activity to rebound in coming months. The recovery will likely be slower for home sales and home building, however, as the labor shortage and rising material prices will likely worsen after the hurricanes, exacerbating already-tight inventory. While we expect full-year economic growth for 2017 to come in at the same rate projected in our prior forecast, we now believe that total home sales will be essentially flat this year compared with the moderate rise predicted in the prior forecast. Despite muted underlying inflation, we continue to expect the Fed to raise rates for the third time this year in December.”