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.”
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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.