Lake Martin Area Residential Sales – August
Inventory Supply
The Lake Martin area housing inventory in August was 607 units. An increase of 3.4 percent from August 2012 but 26.0 percent below the month of August peak in 2008 (820 units). August inventory increased by 2 percent from the prior month. Historical data indicates that August inventory on average (’08-’12) traditionally decreases from the month of July by 1.4 percent. There were 11.2 months of housing supply (6-7 months considered equilibrium) in August 2013 versus 14.7 months of supply in August 2012. This represents a significant decrease of 23.4 percent. This is the best reading for August since 2006 (10.4 months). Still this is an area where more reduction in supply would be welcome news.
Lake Martin Sales Demand
August residential sales improved 18.5% from the prior month. This movement is consistent with historical data indicating that August sales, on average (’08-’12), typically increase by 35.67% from the month of July.
Mortgage Rates
Tim Sloan, Wells Fargo & Co.’s chief financial officer, shares that “increasing mortgage rates won’t slow the housing recovery because housing affordability is still abundant and household formation is on the rise. We don’t believe that the recent increases in mortgage rates are going to in any way, shape or form snuff out the housing recovery” according to Bloomberg.
Local Lake Martin Realtor – Miller Dark
If you would like a list of closed sales on Lake Martin contact Miller Dark. Search homes for sale in the Lake Martin MLS.
