Sales: Lake Martin area residential sales totaled 57 units during October, up 14 percent from 50 sales in the same month a year earlier. October sales were down 18.6 percent compared to 70 sales in September. Results were 31.3 percent above the five-year October average of 43 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 October totaled 504 units, an increase of 30.9 percent from October 2017’s 385 units, and a decrease of 6 percent from September 2018’s 536 units. October months of supply totaled 8.8 months, an increase of 14.8 percent from October 2017’s 7.7 months of supply. October months of supply also increased from September’s 7.7 months of supply.

Pricing: The Lake Martin area median sales price in October was $188,000, a decrease of 14.7 percent from one year ago and a decrease of 24.4 percent from the prior month. This direction is consistent with historical data (2013-17) indicating that the October median sales price on average decreases from September by 16.3 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 October was 154 days, a decrease of 8.9 percent from 169 days in October 2017 and an increase of 25.2 percent from 123 days in September.

Forecast: October sales were one unit, or 1.7  percent, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 56 sales for the month, while actual sales were 57 units. ACRE forecast a total of 596 residential sales year-to-date, while there were 586 actual sales through October.

ACRE’s statewide perspective: While nationwide sales declined during September, residential sales in Alabama continued to grow during the early fall of 2018. Total residential sales in Alabama increased 8.5 percent year-over-year from 4,678 to 5,074 closed transactions. Year-to-date through September, statewide residential sales are up 6.8 percent from 44,272 one year ago to 47,283 currently. Home price appreciation in the state grew but at a slower pace than in previous months. The median sales price in September increased 0.6 percent from $161,480 to $162,482 while the year-to-date median sales price is up 4.4 percent from 2017. Although nationwide inventory levels are starting to stabilize, Alabama’s residential inventory decreased 8.9 percent from one year ago. Low inventory levels were a major factor contributing to rising sales prices throughout 2018. With low inventory levels, it is not surprising to see homes selling more quickly than in previous years. Homes selling in Alabama during September spent an average of 90 days on the market, an improvement of 18 days from 2017.

NAR’s national perspective: During September, nationwide sales volume for existing homes decreased 9.1 percent year-over-year from 462,000 to 420,000 closed transactions. According to Lawrence Yun, chief economist for the National Association of Realtors, rising interest rates played a significant role in September sales declines in markets across the nation. “This is the lowest existing home sales level since November 2015,” he said. “A decade’s high mortgage rates are preventing consumers from making quick decisions on home purchases. All the while, affordable home listings remain low, continuing to spur underperforming sales activity across the country.”

Click here for the entire monthly report.

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