Sales: According to the Lake Martin Area Association of Realtors, waterfront-area residential sales totaled 32 units during October, up 45.5% from 22 sales in the same month a year earlier. Results were down 22% from the previous month, with 41 units sold in September 2019, and 36.8% above the five-year average of 23 closed transactions.

For all waterfront-area home sales data, click here.

Inventory: Homes listed for sale in the waterfront area during October totaled 221 units, a decrease of 12.6% from October 2018’s 253 units and a decrease of 9.4% from September 2019’s 244 units.

Pricing: The Lake Martin waterfront median sales price in October was $463,750, a decrease of 4.4% from one year ago and a decrease of 5.4% from the prior month. This direction is consistent with historical data (2014-18) indicating that the October median sales price on average decreases from September by 1.8%. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a local real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood. The average number of days spent on the market (DOM) by waterfront homes that sold during October was 192 days, an increase of 32.4% from 145 days in October 2018 and an increase of 8.5% from 177 days in September 2019.

Forecast: October sales were one unit, or 4.6%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 22 sales for the month and actual sales were 23 units. ACRE forecast a total of 258 residential sales in the waterfront area year-to-date in 2019, while there were 316 actual sales in 2019 so far.

ACRE’s statewide perspective: Residential sales growth continued in October as total residential sales increased 6.7% year-over-year from 4,883 to 5,211 closed transactions. Year-to-date, sales are up 4.5% from 2018, a record year for residential sales. Home price appreciation in the state continued to climb as the median sales price in October increased 10.1% year-over-year, marking 24 consecutive months of gains. The statewide median sales price is up 5.5% year-to-date. While properties listed for sale nationwide decreased 4.3% year-over-year, Alabama’s residential listings continued to tighten, decreasing 10.7% from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and continued into the fourth quarter of 2019. With low inventory levels, it is not surprising to see homes selling at a slightly quicker pace than one year ago. Homes selling in Alabama during October spent an average of 88 days on the market, a decrease of eight days from October 2018.

NAR’s national perspective: Existing home sales rebounded in October, increasing 3.8% year-over-year from approximately 446,000 closed transactions one year ago to 463,000 currently. The nationwide median existing-home price increased 6.2% in October, marking 92 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “Historically-low interest rates, continuing job expansion and higher weekly earnings are undoubtedly contributing to these higher numbers. We will likely continue to see sales climb as long as potential buyers are presented with an adequate supply of inventory.”

Click here to view the entire monthly report.

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