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Lake Martin area residential sales

September 23, 2013 by Miller Dark

Lake Martin Area Residential Sales – August

August Residential sales on rose 35.7 percent from the same period in 2012. There were 54 residential closings in August reflecting an increase of 14 units over 2012. This represents the best sales volume for August since the Center began warehousing the data the Lake Martin area in 2000. Year-to-date through August, closed transactions are up 19.5 percent.

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.

Filed Under: Lake Martin Real Estate Tagged With: Lake Martin MLS, Lake Martin Real Estate Report, Lake Martin Realtor

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Miller Dark

Miller Dark is a top producing REALTOR® on Lake Martin exclusively listing and selling waterfront real estate. When searching for property on Lake Martin select a local real estate agent with over 20 years of experience working with buyers and sellers. Meet Miller

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