Sales: Lake Martin area residential sales totaled 80 units during April, up 53.8 percent from 52 sales in the same month a year earlier. April sales were up 23.1 percent compared to 65 sales in March. Results were 61.3 percent above the five-year April 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 April totaled 569 units, an increase of 31.7 percent from April 2018’s 432 units, and an increase of 3.1 percent from March 2019’s 552 units. April months of supply totaled 7.1 months, a decrease of 14.4 percent from April 2018’s 8.3 months of supply. April months of supply decreased 16.2 percent from March’s 8.5 months of supply.
Pricing: The Lake Martin area median sales price in April was $186,875, a decrease of 20.3 percent from one year ago and a decrease of 30.8 percent from March’s median sales price of $270,000. Historical data (2014-18) indicates that the April median sales price on average increases from March by 5.7 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 April was 151 days, an increase of 58.9 percent from 95 days in April 2018.
Forecast: April sales were 21 units, or 35.6 percent, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 59 sales for the month, while actual sales were 80 units. ACRE forecast a total of 194 residential sales so far in 2019, while there were 218 sales through April.
ACRE’s statewide perspective: While nationwide residential sales dropped 8 percent in March, demand for housing in Alabama remained strong. Statewide residential sales increased slightly (0.02 percent) from 5,341 closed transactions in March 2018 to 5,342 in March 2019. Year-to-date, sales increased 3.6 percent from 2018. Home price appreciation in the state continued to climb but at a slower pace as the median sales price in March increased 2.6 percent year-over-year from $158,617 to $162,759. The statewide median sales price is also up 3.6 percent year-to-date. Although nationwide inventory levels are trending upward, Alabama’s residential listings decreased 11.3 percent from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and in the spring buying season 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 March spent an average of 99 days on the market, an improvement of 19 days from March 2018.
NAR’s national perspective: During March, total existing-home sales nationwide declined 7.8 percent from approximately 434,000 closed transactions one year ago to 400,000 currently. The nationwide median existing-home price increased 3.8 percent in March, marking 85 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “It is not surprising to see a retreat after a powerful surge in sales in the prior month. Still, current sales activity is underperforming in relation to the strength in the jobs markets. The impact of lower mortgage rates has not yet been fully realized.”
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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.