Lake Martin area median home sales price up sharply from last year

Lake Martin area median home sales price up sharply from last year
The Lake Martin area median sales price in October was $303,500, an increase of 61.4% from one year ago. (ACRE)

Sales: Lake Martin area residential sales totaled 55 units during October, down 3.5% from 57 sales in the same month a year earlier. October sales were down 27.6% compared to 76 sales in September. Results were 15.5% above the five-year October average of 48 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 October totaled 467 units, a decrease of 7.3% from October 2018’s 504 units and a decrease of 6.2% from September 2019’s 498 units. October months of supply totaled 8.5 months, a decrease of 4% from October 2018’s 8.8 months of supply. October months of supply increased 29.6% from September’s 6.6 months of supply.

Pricing: The Lake Martin area median sales price in October was $303,500, an increase of 61.4% from one year ago and an increase of 0.3% from September’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 October was 178 days, an increase of 15.6% from 154 days in October 2018 and an increase of 7.9% from 165 days in September 2019.

Forecast: October sales were one unit, or 1.8%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 56 sales for the month, while actual sales were 55 units. ACRE forecast a total of 597 residential sales so far in 2019, while there were 664 actual sales through October.

ACRE’s statewide perspective: Residential sales growth continued in September as total residential sales increased 8.7% year-over-year from 5,069 to 5,510 closed transactions. Year-to-date, sales are up 4.3% from 2018, a record year for residential sales. Home price appreciation in the state continued to climb as the median sales price in September increased 7% year-over-year, marking 23 consecutive months of gains. The statewide median sales price is up 4.3% year-to-date. While nationwide inventory levels (active listings) decreased 2.7% year-over-year, Alabama’s residential listings continue to tighten, decreasing 9.7% from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and continued into the third 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 September spent an average of 82 days on the market, a decrease of eight days from September 2018.

NAR’s national perspective: Existing home sales rebounded in September, increasing 7.4% year-over-year from approximately 421,000 closed transactions one year ago to 452,000 currently. The nationwide median existing-home price increased 5.9% in September, marking 91 consecutive months of year-over-year gains. John Smamby, president of the National Association of Realtors, said, “For families on the sidelines thinking about buying a home, current rates are making the climate extremely favorable in markets across the country. These traditionally low rates make it that much easier to qualify for a mortgage, and they also open up various housing selections to buyers everywhere.”

 

 

 

 

 

 

 

 

 

 

 

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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