Sales: Lake Martin area residential sales totaled 65 units during March, up 12.1 percent from 58 sales in the same month a year earlier. March sales were up 47.7 percent compared to 44 sales in February. Results were 20.3 percent above the five-year March average of 54 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 March totaled 552 units, an increase of 35.3 percent from March 2018’s 408 units, and an increase of 13.6 percent from February 2019’s 486 units. March months of supply totaled 8.5 months, an increase from March 2018’s 7 months of supply. March months of supply decreased 23.1 percent from February’s 11 months of supply.
Pricing: The Lake Martin area median sales price in March was $270,000, an increase of 26.2 percent from one year ago and an increase of 89.1 percent from February’s median sales price of $142,750. This direction is consistent with historical data (2014-18) indicating that the March median sales price on average increases from February by 89.1 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 March was 150 days, an increase of 19.7 percent from 127 days in March 2018.
Forecast: March sales were two units, or 3.2 percent, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 63 sales for the month, while actual sales were 65 units. ACRE forecast a total of 135 residential sales so far in 2019, while there were 138 sales through March.
ACRE’s statewide perspective: Statewide residential sales in February increased 10.9 percent year-over-year from 3,807 to 4,222 closed transactions. Year-to-date sales increased 6.4 percent from 2018. Home price appreciation in the state continued to climb, but at a slower pace, as the median sales price in February increased 3 percent year-over-year from $152,771 to $157,319. The statewide median sales price is also up 4.2 percent year-to-date. Although nationwide inventory levels are trending upward, Alabama’s residential listings decreased 8.9 percent from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and in the early months of 2019. With low inventory levels, it is not surprising to see homes selling more quickly than in previous years. Homes selling in Alabama during February spent an average of 99 days on the market, an improvement of 27 days from February 2018.
NAR’s national perspective: During February, total existing-home sales nationwide declined 2.2 percent from approximately 319,000 closed transactions one year ago to 312,000 currently. The nationwide median existing-home price increased 3.6 percent in February, marking 84 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “It is very welcoming to see more inventory showing up in the market. For sustained growth, significant construction of moderately priced homes is still needed. More construction will help boost local economies and more home sales will help lessen wealth inequality as more households can enjoy in housing wealth gains.”
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.
