Lake Martin “Waterfront” Real Estate: Preseason sales in March establish new peak
Sales
Waterfront sales on Lake Martin totaled 36 units in March. A significant increase in sales growth of 28.6 percent or 8 units above the same period last year. Year-to-date sales through March are up 30.4 percent from 2014.
Supply
The Lake Martin waterfront inventory in March was 358 units, an increase of 10.5 percent from March 2014 but 31.5 percent below (this is good news) the month of March peak in 2009 (523 units). In addition, March inventory increased by 9.5 percent from the prior month. This direction is consistent with historical data indicating that March inventory on average (’10-’14) increases from the month of February by 9.3 percent. There were 9.9 months of housing supply in March, a favorable decrease of 14.1 percent from last March’s 11.6 months of supply.
Demand
March waterfront sales also increased 140.0 percent from the prior month. This direction is consistent with historical data that indicates March sales, on average (’10-’14), increase by 173.9 percent from the month of February.
Pricing
The Lake Martin waterfront median sales price in March was $376,250, an increase of 3 percent from March 2014 and 7.5 percent above the prior month. This direction favorably contrast with historical data indicating that the March median sales price on average (’10-’14) decreases 4.9 percent from the month of February. Pricing can & will fluctuate from month-to-month due to the changing sample size of data (closed transactions) being subject to seasonal buying patterns. A broader lens as to pricing trends is appropriate and we highly recommend contacting a local real estate professional for additional market pricing information.
Industry Perspective
The uncertainty of interest rates creates a less than clear future beyond mid-summer. The best economist cannot predict if and when the Federal Reserve will raise rates. Rates for second homes and jumbo loans have never been more attractive than right now! Rates vary daily, but something around 4% for those with good credit are not unusual to find! Given shrinking inventory and attractive interest rates, it is likely that sales will be brisk through July. New property offerings expected in early summer could help inventory – stay tuned to the Fed for interest rate changes.”
Residential Monthly Report
The Lake Martin Waterfront Residential Monthly Report is developed in conjunction with the Lake Martin Area Association of REALTORS. The monthly report illustrates the “general” market direction & trends when comparing prior periods of current residential data. Real estate is local and statistics will fluctuate between areas including lakefront and non-lakefront dwellings. ACRE recommends that you consult a local real estate professional for “specific” advice associated with your market.
Lake Martin Area Association of REALTORS is your local source for real estate on Lake Martin. Lake Martin is located in east central Alabama. About 40 miles northeast of Montgomery and approximately 115 miles southwest of Atlanta.
The Alabama Center for Real Estate‘s core purpose is to advance the real estate industry in Alabama by providing relevant resources in the areas of research, education and outreach.
ACRE was founded by legislative act in 1996. Founded by Alabama Real Estate Commission, the Alabama Association of REALTORSand the Office of the Dean, UA Culverhouse College of Commerce to serve the State of Alabama real estate industry and the consumers it serves. ACRE is not a state-funded entity.
Realtors are continuing to see new listings on Lake Martin. You can follow New Listings on Lake Martin Real Estate page as they come on the market. Waterfront properties remain on this page for 7 days.
Local Lake Martin Realtor
Miller Dark is a top producing Lake Martin Real Estate Agent. His focus is waterfront homes, condos and lot sales on Lake Martin. Miller has over 20 years experience focusing on listing and selling waterfront property on Lake Martin. Buying or Selling on Lake Martin, Contact Miller.
