Sales: Lake Martin area residential sales totaled 70 units during September, up 14.8 percent from 61 sales in the same month a year earlier. September sales were down 12.5 percent compared to 80 sales in August. Results were 37.8 percent above the five-year September average of 51 sales. Two more resources to review: Quarterly Report and the Annual Report.
For all of Lake Martin’s area housing data, click here.
Inventory: Homes listed for sale in the Lake Martin area during September totaled 536 units, an increase of 32 percent from September 2017’s 406 units, and a decrease of 5.8 percent from August 2018’s 569 units. September months of supply totaled 7.7 months, an increase of 15 percent from September 2017’s 6.7 months of supply. September’s months of supply also increased from August’s 7.1 months of supply.
Pricing: The Lake Martin area median sales price in September was $248,700, a decrease of 28.7 percent from one year ago and an increase of 4.4 percent from the prior month. This direction is consistent with historical data (2013-17) indicating that the September median sales price on average increases from August by 12.6 percent. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends contacting a local real estate professional for additional market pricing information. The average number of days on the market (DOM) for homes selling in September was 123 days, a decrease of 17.4 percent from 149 days in September 2017 and a decrease of 24.5 percent from 163 days in August.
Forecast: September sales were three units, or 4.5 percent, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 67 sales for the month, while actual sales were 70 units. ACRE forecast a total of 540 residential sales year-to-date, while there were 529 actual sales through September.
ACRE’s statewide perspective: Residential sales in Alabama continued to grow during the late summer of 2018. Total residential sales during August increased 3.5 percent year-over-year from 5,664 to 5,862 closed transactions. Year-to-date through August, statewide residential sales are up 6.6 percent from 39,594 one year ago to 42,209. Home price appreciation in the state also continues its upward trajectory. The median sales price in August increased 2.9 percent from $158,059 to $162,711, while the year-to-date median sales price is up 4.9 percent from 2017. Although nationwide inventory levels are starting to stabilize, Alabama’s residential inventory decreased 11.4 percent from one year ago. Low inventory levels were a major factor contributing to rising sales prices during August. With low inventory levels, it is not surprising to see homes selling more quickly than in previous years. Homes selling in Alabama during August spent an average of 95 days on the market, an improvement of 22 days from 2017.
NAR’s national perspective: During August, nationwide sales volume for existing homes increased 0.7 percent year-over-year from 535,000 to 539,000 closed transactions. According to Lawrence Yun, chief economist for the National Association of Realtors, “Strong gains in the Northeast and a moderate uptick in the Midwest helped to balance out any losses in the South and West, halting months of downward momentum. With inventory stabilizing and modestly rising, buyers appear ready to step back into the market.”
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The Lake Martin Residential Monthly Report is developed in conjunction with the Lake Martin Area Association of Realtors to better serve area consumers.