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

Sales: Lake Martin area residential sales totaled 56 units during September, up 10 percent from the same period last year. Home sales are up more than double from the sales trough of 27 during 2011. Another resource to review is the Annual Report.

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

Home sales in the Lake Martin area increased 10 percent in September compared to last year.

Forecast: September sales were four units or 7.5 percent above the Alabama Center for Real Estate’s monthly forecast. ACRE’s year-to-date sales forecast through September projected 440 closed transactions, while the actual sales were 386 units.

Supply: The Lake Martin area housing inventory in September was 437 units, a decrease of 9 percent from a year ago and 45 percent below the September peak in 2008 of 801 units (this is good news). September inventory decreased by 3 percent from the prior month. This direction is consistent with historical data indicating that September inventory on average (2011-15) decreases from August by 5.9 percent. There were 7.8 months of housing supply in September (6 months is considered equilibrium in September), a decrease of 17 percent from last September’s 9.4 months of supply.

Demand: Residential sales decreased 8 percent from the prior month. This direction contrasts with seasonal patterns and historical data indicating September sales on average (2011-15) increase by 4.6 percent from August.

Pricing: The Lake Martin area median sales price in September was $368,740, an increase of 12 percent from September 2015 and a 39 percent increase compared to the prior month. Historical data indicate that the September median sales price (2011-15) typically decreases 2.6 percent from August. Pricing can and 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 perspective: “The decline in the HPSI (Home Purchase Sentiment Index) over the past two months from the survey-high in July of 86.5 adds a note of caution to our moderately positive housing outlook,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “Downside changes came in particular from the HPSI components ‘mortgage rate direction’ and ‘good time to buy a house.’ In addition, the starter home tight supply and rising home prices as well as the unsettled political environment are likely giving many consumers a reason to pause or question their home purchase sentiment.” For the full report, click here.

Click here to generate more graphs from the Lake Martin area September Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply. 

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