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

Sales: Lake Martin area* residential sales totaled 29 units during February, a decrease of 15 percent from the same period last year. While home sales did slip for the month, compared to the past five years, home sales during February have remained steady. Two more resources to review: Quarterly Report and Annual Report

For all of Lake Martin’s area housing data, click here.

Forecast: February sales were 6 percent or two units below our monthly forecast. Alabama Center for Real Estate’s (ACRE) year-to-date sales forecast through February projected 58 closed transactions while the actual sales were 48 units.

Over the past five years, home sales in Lake Martin during February averaged 24 units.

Supply: The Lake Martin area housing inventory in February was 436 units, a decrease of 17 percent from February 2015 and 36 percent below (this is good news) the February peak in 2009 (684 units). In addition, February inventory increased by 12 percent from the prior month. This direction is consistent with historical data indicating that February inventory on average (2011-15) increases from January by 5.3 percent. There were 15 months of housing supply in February (6 months considered equilibrium in February NSA), a favorable decrease of 3 percent from last January’s 15.4 months of supply.

Demand:  Residential sales increased 53 percent from the prior month. This direction is consistent with seasonal patterns and historical data indicating February sales on average (2011-15) increase by 9 percent from January.

Pricing: The Lake Martin area median sales price in February was $151,800, a decrease of 2 percent from January 2015 and a 49 percent decrease compared to the prior month. Historical data indicate that the February median sales price (2011-15) typically increases 5.5 percent from January. 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: “Our February results show the most modest consumer home price expectations since late 2012,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “For consumers who think it’s a bad time to buy a home, whose share has trended up from its recent low last November, high home prices have been an increasingly contributing factor. A slower pace of home price appreciation may provide some relief for potential homebuyers, especially first-time buyers who couldn’t reap the benefits of selling a home at high prices to buy another one.” For the full story, click here.

The average home sold in Lake Martin during February went for $211,796.

On average, homes sold at Lake Martin during February spent 170 days on the market.

Supply for February at Lake Martin decreased 17 percent from last year.

The median sales price at Lake Martin during February held steady at $151,800.

There was 15.0 months of supply on the market in February at Lake Martin.

Home sales at Lake Martin increased 53 percent over January.

Home sales during February at Lake Martin dipped 14 percent from last February.

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.