Lake Martin waterfront home sales in March up 7 percent over last year

Lake Martin waterfront home sales in March up 7 percent over last year
The median sales price for homes on the Lake Martin waterfront in March was $350,000. (iStock)

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

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.

Lake Martin waterfront home sales during March rose 7 percent from last year.

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.

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

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