Lake Martin area December home sales up sharply from one year ago

Lake Martin area December home sales up sharply from one year ago
Total sales for 2019 in the Lake Martin area increased 13.6% from 2018 sales. (ACRE)

Sales: Lake Martin area residential sales totaled 62 units during December, up 63.2% from 38 sales in the same month a year earlier. December sales were up 51.2% compared to 41 sales in November. Results were 48.3% above the five-year December average of 42 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 December totaled 411 units, an increase of 2.5% from December 2018’s 401 units and a decrease of 7.8% from November 2019’s 446 units. December months of supply totaled 6.6 months, a decrease of 37.2% from December 2018’s 10.6 months of supply. December months of supply decreased 39.1% from November’s 10.9 months of supply.

Pricing: The Lake Martin area median sales price in December was $207,836, a decrease of 18.3% from one year ago and a decrease of 31.3% from November’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 December was 135 days, a decrease of 5.6% from 143 days in December 2018 and a decrease of 27.8% from 187 days in November 2019.

Forecast: December sales were 19 units, or 44.2%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 43 sales for the month, while actual sales were 62 units. ACRE forecast a total of 685 residential sales in 2019, while there were 767 actual sales through December.

ACRE’s statewide perspective: Residential sales growth continued in November but at a slower pace, as total residential sales increased 0.8% year-over-year from 4,598 to 4,635 closed transactions. Year-to-date, sales are up 4.2% from 2018, a record year for residential sales. Home price appreciation in the state continued to climb as the median sales price in November increased 9.3% year-over-year, marking 25 consecutive months of gains. The statewide median sales price is up 5.8% year-to-date. While properties listed for sale nationwide decreased 5.7% year-over-year, Alabama’s residential listings continued to tighten, decreasing 10.5% 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 November spent an average of 92 days on the market, a decrease of one day from November 2018.

NAR’s national perspective: Existing-home sales declined slightly in November, decreasing 0.5% year-over-year from approximately 406,000 closed transactions one year ago to 402,000 currently. The nationwide median existing-home price increased 5.4% in November, marking 93 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “Sales will be choppy when inventory levels are low, but the economy is otherwise performing well, with more than 2 million job gains in the past year.” Properties listed for sale nationwide declined 5.7% in November from approximately 1.74 million listings one year ago to 1.64 million currently.

 

 

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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