Lake Martin area median home sales price up steeply from one year ago

Lake Martin area median home sales price up steeply from one year ago
The Lake Martin area median home sales price in November was $248,500, an increase of 65.7% from the same month last year. (ACRE)

Sales: Lake Martin area residential sales totaled 41 units during November, down 19.6% from 51 sales in the same month a year earlier. November sales were down 25.5% compared to 55 sales in October. Results were 11.4% above the five-year November average of 37 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 November totaled 446 units, a decrease of 1.5% from November 2018’s 453 units and a decrease of 4.5% from October 2019’s 467 units. November months of supply totaled 10.9 months, an increase of 22.5% from November 2018’s 8.9 months of supply. November months of supply increased 28.1% from October’s 8.5 months of supply.

Pricing: The Lake Martin area median sales price in November was $248,500, an increase of 65.7% from one year ago and a decrease of 17.9% from October’s median sales price of $302,500. 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 November was 187 days, an increase of 57.1% from 119 days in November 2018 and an increase of 5.1% from 178 days in October 2019.

Forecast: November sales were four units, or 8.9%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 45 sales for the month, while actual sales were 41 units. ACRE forecast a total of 642 residential sales so far in 2019, while there were 705 actual sales through November.

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 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 consumers in the region.

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