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

Sales: Lake Martin area* residential sales totaled 32 units during November, an increase of 6.7 percent from the same period last year. This represents the best month of November for Lake Martin since 2010 (12 units). Year-to-date sales through November are up 26.6 percent above 2014. Two more resources to review: Quarterly Report and Annual Report

Forecast: November sales were 5.8 percent or two units below our monthly forecast. Alabama Center for Real Estate’s (ACRE) year-to-date sales forecast through November projected 466 closed transactions while the actual sales were 557 units, a rise of 19.5 percent.

Lake Martin residential sales are up nearly 7 percent during November compared to the same period last year.

Supply: The Lake Martin area housing inventory in November was 411 units, a decrease of 20.8 percent from November 2014 and 37 percent below (this is good news) the November peak in 2008 (655 units). In addition, November inventory decreased by 8.3 percent from the prior month. This direction is consistent with historical data indicating that November inventory on average (2010-14) decreases from October by 2 percent. There were 12.8 months of housing supply in November (6 months considered equilibrium in November NSA), a favorable decrease of 25 percent from last November’s 17.3 months of supply.

Demand:  Residential sales slipped 23.8 percent from the prior month. This direction is consistent with seasonal patterns and historical data indicating November sales on average (2010-14) decrease by 36.5 percent from October.

Pricing: The Lake Martin area median sales price in November was $275,000, an increase of 71 percent from November 2014 but a 10.2 percent decrease compared to the prior month. Historical data indicate that the November median sales price (2010-14) typically decreases 21 percent from October. Pricing can and will fluctuate from month to month due to changing composition of actual sales (lakefront vs. non-lakefront) and the sample size of data (closed transactions) being subject to seasonal buying patterns. A broader lens as to pricing trends is appropriate and we highly recommend contacting a local real estate professional for additional market pricing information.

Industry Perspective: “Despite mixed housing and mortgage market data, our forecast for housing activity is little changed over the past several months,” said Fannie Mae Chief Economist  Dave Duncan. “The supply of existing homes remains lean amid slowing new single-family construction, putting significant upward pressure on home prices. While this helps boost home equity, it hurts affordability, especially for potential first-time homebuyers. Meanwhile, we expect mortgage rates to rise only gradually through next year, and an improving income trend should help support affordability. We foresee total home sales improving further in 2016, albeit at less than half of the 8 percent increase expected this year.” For full report click here.

The average sales price in Lake Martin went up nearly 31 percent during November.

On average, homes sold during November at Lake Martin spent 216 days on the market.

Inventory is down 21 percent at Lake Martin, compared to last year.

The median sales price at Lake Martin during November also rose significantly to $275,000.

Months of supply is certainly not ideal at 12.8 at Lake Martin, but it is heading in the right direction and is greatly improved from the 52.9 months of supply during 2010.

Year-to-date sales during November rose 26 percent over last year.

Home sales did drop 23.8 percent from the month of October during November.

Bryan Davis is the research/media coordinator for the Alabama Center for Real Estate housed within the Culverhouse College of Commerce at the University of Alabama. He can be reached at 205-348-5416 or at bkdavis@culverhouse.ua.edu. The Lake Martin Residential Monthly Report is work product developed in conjunction with the Lake Martin Area Association of Realtors to better serve area consumers. The ACRE monthly report is provided to illustrate the “general” market direction & trends when comparing prior periods with the most current residential data available. Real estate is local and statistics will fluctuate between areas including lakefront and non-lakefront dwellings. ACRE recommends that you consult a local real estate professional for “specific” advice associated with your market. Lake Martin Area Association of Realtors® is your premier source for real estate on Lake Martin, Alabama. Lake Martin is located in east central Alabama about 40 miles northeast of Montgomery and about 115 miles southwest of Atlanta. This Alabama Power Company reservoir encompasses 44,000 acres and has more than 700 miles of shoreline. The Alabama Center for Real Estate‘s core purpose is to advance the real estate industry in Alabama by providing relevant resources in the areas of research, education and outreach.