Lake Martin area September home sales up 8.6% from one year ago
Article by ACRE Research October 26, 2019
Lake Martin area residential sales totaled 76 units during September, up 8.6% from 70 sales in the same month a year earlier. September sales were up 2.7% compared to 74 sales in August. Results were 30.6% above the five-year September average of 58 sales. Two more resources to review: Quarterly Report and the Annual Report.
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Homes listed for sale in the Lake Martin area during September totaled 498 units. A decrease of 7.1% from September 2018’s 536 units, and a decrease of 7.8% from August 2019’s 540 units. September months of supply totaled 6.6 months, a decrease of 14.4% from September 2018’s 7.7 months of supply. September months of supply decreased 10.2% from August’s 7.3 months of supply.
The Lake Martin area median sales price in September was $302,500, an increase of 21.6% from one year ago and an increase of 6.1% from August’s median sales price of $285,000. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends contacting a local Lake Martin real estate professional for additional market pricing information. The average number of days on the market (DOM) for homes selling in September was 165 days, an increase of 34.1% from 123 days in September 2018 and an increase of 26% from 131 days in August 2019.
September sales were nine units, or 13.4%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 67 sales for the month, while actual sales were 76 units. ACRE forecast a total of 541 residential sales so far in 2019, while there were 609 actual sales through September.
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. This increase marks 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.”
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.
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.