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

Sales: Lake Martin area residential sales totaled 33 units during February, up 14 percent or four units from the same month in 2016, when sales in the area totaled 29. Another resource to review is the Annual Report.

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

Lake Martin February home sales rose by four units to 33 sales this year.

Forecast: February sales were three units or 10 percent above the Alabama Center for Real Estate’s monthly forecast. ACRE’s sales forecast through February projected 55 closed transactions, while the actual sales were 65 units.

Supply: The Lake Martin area housing inventory in February was 406 units, a decrease of 7 percent from a year earlier. February inventory increased by 8.6 percent from the prior month. This direction is consistent with historical data indicating that February inventory on average (2012-16) increases from January by 27.6 percent. There were 12.3 months of housing supply in February (6 months is considered equilibrium in February), a decrease of 18 percent from last February’s 15 months of supply.

Demand: Residential sales increased 3 percent from the prior month. This direction is consistent with seasonal patterns and historical data indicating February sales on average (2012-16) increase 20 percent from January.

Pricing: The Lake Martin area median sales price in February was $215,000, an increase of 41.6 percent from February 2016. 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: “We expect the housing expansion to continue, albeit at a more moderate pace than last year given continued pressure on affordability,” said Fannie Mae Chief Economist Doug Duncan. “Depressed inventory, particularly in the more affordable segments, will likely constrain sales and push home price gains that outpace income growth. A faster pace of monetary tightening, unless accompanied by a stronger increase in household income, also poses downside risk to housing.”

Click here to generate more graphs from the Lake Martin area February 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.