Lake Martin area homes selling 26 days faster on average than one year ago

Lake Martin area homes selling 26 days faster on average than one year ago
The Lake Martin area median home sales price in June was $328,000, an increase of 48.4% from the same month last year. (ACRE)

Sales: Lake Martin area residential sales totaled 63 units during June, down 12.5% from 63 sales in the same month a year earlier. June sales were down 26.7% compared to 86 sales in May. Results were 0.6% above the five-year June average of 63 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 June totaled 579 units, an increase of 22.7% from June 2018’s 472 units, and an increase of 1.2% from May 2019’s 572 units. June months of supply totaled 9.2 months, an increase of 40.2% from June 2018’s 6.6 months of supply. June months of supply also increased 38.2% from May’s 6.7 months of supply.

Pricing: The Lake Martin area median sales price in June was $328,000, an increase of 48.4% from one year ago and an increase of 37.5% from May’s median sales price of $238,500. This is consistent with historical data (2014-18) indicating that the June median sales price on average increases from May by 14.2%. 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 June was 121 days, a decrease of 17.7% from 147 days in June 2018.

Forecast: June sales were nine units, or 12.5%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 72 sales for the month, while actual sales were 63 units. ACRE forecast a total of 333 residential sales so far in 2019, while there were 367 actual sales through June.

ACRE’s statewide perspective: Statewide residential sales increased slightly in May, extending the streak to five consecutive months of year-over-year sales gains. Statewide residential sales increased 1.4% from 6,306 closed transactions in May 2018 to 6,392 in May 2019. Year-to-date, sales are up 3.2% from 2018. Home price appreciation in the state continued to climb as the median sales price in May increased 4.3% year-over-year from $165,688 to $172,864. The statewide median sales price is also up 3.4% year-to-date. Although nationwide inventory levels are trending upward, Alabama’s residential listings decreased 11.6% from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and in the spring buying season of 2019. With low inventory levels, it is not surprising to see homes selling more quickly than in previous years. Homes selling in Alabama during May spent an average of 88 days on the market, an improvement of 12 days from May 2018.

NAR’s national perspective: Existing home sales rebounded in May, posting their first year-over-year gain since August 2018. Nationwide sales increased 0.9% from approximately 535,000 closed transactions one year ago to 540,000 currently. The nationwide median existing-home price increased 4.8% in May, marking 87 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “The purchasing power to buy a home has been bolstered by falling mortgage rates, and buyers are responding.”

 

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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