Sales: Lake Martin waterfront sales totaled 29 units during February, up 7 percent from the same period in 2016. Sales for March 2016 on Lake Martin’s waterfront totaled 27 units. It is important to note that even single-digit changes in the home sales total can cause double-digit percentage changes.
Supply: The Lake Martin waterfront housing inventory in March was 259 units, a decrease of 21 percent from March 2016 and 51 percent below the March peak in 2009 of 523 units. March inventory increased by 4 percent from February. This direction is consistent with historical data indicating that March inventory on average (2011-15) increases from February by 7 percent. There were 8.9 months of housing supply in March (6 months is considered equilibrium).
Demand: Waterfront residential sales increased 45 percent during March, from 20 units sold in February. Historical seasonal patterns indicate March sales on average (2012-16) increase from February.
Pricing: The Lake Martin waterfront median sales price during March was $350,000, a decrease of 19 percent from March 2016 and unchanged from the prior month. Pricing 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.