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

Sales: Lake Martin area residential sales totaled 46 units during June, a decrease of 42 percent from the same period last year. While home sales did slip for the month, compared to the past five years, home sales during June have remained steady (51 is the five-year average 2011-15). Another resource to review is the Annual Report.

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

Forecast: June sales were 2 percent or 13 units below the Alabama Center for Real Estate’s monthly forecast. ACRE’s year-to-date sales forecast through June projected 272 closed transactions, while the actual sales were 216 units.

Residential home sales in Lake Martin during June fell year-over-year.

Supply: The Lake Martin area housing inventory in June was 340 units, a decrease of 37 percent from a year ago and 58 percent below the June peak in 2008 of 814 units (this is good news). In addition, June inventory decreased by 32 percent from the prior month. This direction is consistent with historical data indicating that June inventory on average (2011-15) decreases from May by 0.3 percent. There were 7.4 months of housing supply in June (6 months is considered equilibrium in June), an increase of 8 percent from last June’s 6.8 months of supply.

Demand: Residential sales decreased 2 percent from the prior month. This direction contrasts with seasonal patterns and historical data indicating June sales on average (2011-15) increase by 16.6 percent from May.

Pricing: The Lake Martin area median sales price in June was $342,000, an increase of 54 percent from June 2015 and an 18 percent decrease compared to the prior month. Historical data indicate that the June median sales price (2011-15) typically decreases 1.6 percent from May. 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. ACRE recommends contacting a local real estate professional for additional market pricing information.

Industry perspective: “Housing activity is gaining strength heading into the summer, with pending home sales rising to a decade high. In addition, new home sales surged to an expansion best, a positive for single-family homebuilding, especially since only a small share of new homes for sale are completed and ready to occupy,” said Fannie Mae Chief Economist Doug Duncan in the organization’s June Economic Outlook. “However, recent pullbacks in construction hiring, likely due to a shortage of skilled workers, could weigh on the outlook for the sector. With little improvement in the current housing supply picture so far, we expect only moderate housing expansion this year.” For the full report, click here.

The average sales price for homes sold in Lake Martin during June was $447,383.

On average, homes that sold in Lake Martin during June spent 147 days on the market.

Year-to-date home sales at Lake Martin during June fell 27 percent from 2015.

There were 340 homes listed for sale during June at Lake Martin.

The median sales price for homes sold at Lake Martin during June was $342,000.

There were 7.4 months of supply on the market at Lake Martin during June.

The Lake Martin Residential Monthly Report is developed in conjunction with the Lake Martin Area Association of Realtors to better serve area consumers.