[email protected]

Archive for the 'Market Statistics' Category

ACRE: Lake Martin Voice A Good Resource

AcreWe at Lake Martin Voice Realty were very flattered to learn that the Alabama Center for Real Estate cited this blog as a good resource for market reports focused on Lake Martin waterfront properties only. They linked us in this article on AL.com.

Wow!  Thanks, ACRE!

If you have seen any sort of real estate statistics about Alabama quoted anywhere, chances are that you were reading a report from ACRE. They do a great job assimilating all of the relevant numbers, from all over the state. ACRE is based out of the University of Alabama, and, according to their website, it:

“collects, maintains and analyzes the state’s real estate statistics, and is a trusted resource for Alabama real estate research, forecasting, and professional development..”

If you read the article I linked above, you can read how they analyzed the Lake Martin Area as a whole. Those statistics encompass everything sold in our area, waterfront or not. At the end of the article, they say,”For lakefront only figures, here is good resource.” They link directly in to our Market Statistics category.
We are super excited to be considered a good resource by ACRE! Thanks again!

Share this:
Share this page via Email Share this page via Stumble Upon Share this page via Digg this Share this page via Facebook Share this page via Twitter

Tags: , , , , , ,

Lake Martin Lots Selling Hot In 2013

We humans, especially Southerners, like the art of storytelling, don’t we?

We like legends. We like to talk about the way things were back then.

For Lake Martin, 2007 will always be “The Year of the Drought.” Similarly, 2009 will be thought of as “The Year of Alan Jackson at Aquapalooza.” I have no doubt that 2013 will become “The Year of FERC Relicensing” because the potential changes in the water level rule curve will impact the next forty years.

As I study real estate trends in the waterfront market for Lake Martin in 2013, I have a hard time separating market reports from the mammoth issue of relicensing the dam. Usually, when people ask, “what’s going on at Lake Martin?” I give them a ten second market report. This year, however, I have talked about FERC.

But, if we can all forget about that for a moment, and focus solely on what’s happening in the real estate market per se, I think we find something very interesting. There is a notable trend at Lake Martin that, in my judgement, is yet another sign pointing to the overall health of our market.

The big story at Lake Martin in 2013 is waterfront lot sales.

Yes, lot sales.

Do you remember 2008? You might know it as “The Year of The Bank Crash.” For those who don’t, I can tell you that getting a loan to buy a lot in 2008, and even in subsequent years, was dang near impossible. If a bank or mortgage lender smelled, perchance even suspected that you wanted a loan on a lot, they ran the other way. If that lot was located in a subdivision that was lightly populated, well, they called Father Merrin for an exorcism.

Lake Martin waterfront lot sales 2013

Please take a look at the Waterfront Lot Sales chart. Sales are blistering. Through the end of July, there have been 37 waterfront lots sold through the Lake Martin MLS. That is only one fewer sold in all of 2012 and only two fewer sold in the 12 months of 2011. In other words, this year it only took seven months to sell as many lots that were sold in twelve in each of the two prior years. That’s growth, neighbors.

Lot sales mean construction. Construction helps the overall economy and it points to more confidence for the future. If no other lots were sold in 2013, the lake would have a good year. If 2013 lot sales continue on pace with prior years, it will be a great one.

Lake Martin Home Sales in 2013

Don’t let all this talk about lots obscure the good news about homes. Waterfront home sales on Lake Martin are once again strong in 2013. One can see from the cumulative graph attached, that as of the end of July, 2013 is running on pace with 2012. As I am sure we all remember, 2012 was the second best waterfront home sales market on record. When we look at the entire lake real estate market, with all agents, all brokerages that participate and report to the Lake Martin MLS, we see that at July 31, 2013, 139 waterfront homes have been sold. This is statistically significant to 2012. By the end of July in 2012, 140 homes have been sold. I don’t consider the one home difference to be a big deal.

Lake Martin waterfront hoem sales July 2013

The bottom line is, 2013 is another great year for Lake Martin home sales. The more interesting thing for me to consider is that such great years are becoming routine once again. Remember, 2008 was the last year of decreasing numbers of homes sold on Lake Martin. Every year since 2008, the current year has beaten the prior year’s numbers of homes sold. The market has improved.

Lake Martin home sales monthly chart July 2013

 

Lake Martin Home Prices

Whenever anyone hears the words “improved market’ – it’ s natural to wonder if prices have risen along with the home sales figures. Prices, however, have remained steady. Have prices in 2013 risen? I don’t know yet. Because Lake Martin has such a small sample pool, I only calculate price trends once a year.

However, if Lake Martin continues to beat the prior year in numbers of home sold, and supply does not out strip demand, one of these days we will see price increases. When that happens, we can call it “The Year That Prices Finally Rose.”

Note:

This article is going to appear in the September, 2013, issue of Lake Magazine. I am honored to write a monthly column on Lake Martin real estate for Lake.

Share this:
Share this page via Email Share this page via Stumble Upon Share this page via Digg this Share this page via Facebook Share this page via Twitter

Tags: , , , , , , ,

Tracking the Lake Martin Homebuyer

All indications are holding true that 2013 waterfront home sales are following suit with 2012, with many homes selling. In 2012, we saw the second best year in number of homes sold, topped only by 2005.

Naturally, people are asking questions like, “Where are all these buyers coming from?” and “How did they hear about Lake Martin?”

NAR SurveyWhile the data geek in me would love to require a thorough questionnaire with every lake home purchase, alas, one does not exist. But we can infer a good amount of information by studying the next best thing: the National Association of Realtors’ Profile of Home Buyers and Sellers.

Every year, the National Association of Realtors (NAR) publishes the Profile of Home Buyers and Sellers. The Profile is the result of a 120-question survey sent to a random sample of home buyers across the nation. This year, about 8,500 surveys were returned. The results were used to compile the statistics and compare them to previous years. This survey is a heavily watched measuring stick of home buyers’ preferences and behaviors. In 2013, as in the past, this survey offered valuable insight to us at Lake Martin.

First Step: Agent vs. the World Wide Web

Since Al Gore decided to invent the Internet, there has been a battle between Joe and Jane Agent and the Web. The issue at war is deciding just who is more relevant, useful and trusted by home buyers. This war is all but over.

Winner: the Internet.

Despite NAR’s constant advertisement to the contrary, their own survey shows that buyers place much more trust in the Internet than in agents. One very interesting question the survey always asks buyers is, “What is your first step in the home buying process?”  This year, a whopping 41 percent of respondents said they looked online for properties. This is more than double those that contacted a real estate agent (18 percent). The third choice at 11 percent was, “Looked online for info on the process.” I would argue that is the same as number one. Added together, those two indicate that about 52 percent of people are looking online before they ever call an agent.

Chart 1 Coley June 2013

I do grant that potential buyers are looking on the Internet at agents’ websites. So some agents can take solace in that fact. But the lesson to be learned is that buyers looking on an agent website is an indirect contact initiated by the buyer, and it’s anonymous. The agent has no idea the website is being visited. In other words, the buyer is in complete control of the interaction. Maybe the buyer will contact the agent directly, maybe not. In either case, the buyer is driving the ship.

I do not see this trend reversing any time soon, especially considering the momentum. Last year’s survey showed that 35 percent looked online and 21 percent contacted an agent. This means the online first steppers increased by 17 percent, and the agent pickers decreased by 14 percent. Brokerages and agents that do not accept this will find themselves as outdated as the mimeograph machine.

Where Did You Find It?

Today’s world is full of resources for the home buyer. Agents, the Internet, signs, billboards, TV and more all vie for the coveted attention of those who are ready to purchase. To some buyers, I am sure it is information overload.

Considering all these channels, two other critical questions to ask are, “What worked?” and “Where did you find the home that you bought?”

Chart 2 Coley June 2013

Not surprisingly, the Internet trend continues to dominate here. The Web continues to increase in importance, with 42 percent of those surveyed responding that the Internet was where they found their home. Agents checked in with 34 percent, which I suppose is an honorable defeat; however, when you consider that it was down from 35 percent last year, and that the Web increased by two percent, the writing is on the wall.  It is clear that any serious home buyer is not waiting around for their agent to personally call and tell them about homes. Today’s home buyer is a researcher.

The Internet’s dominance in the “usefulness” category is neither new nor a secret. What should be noted is the degree to which home buyers rely on it. Nothing else is even close.

The implication is huge in that home sellers should ask detailed questions of potential agents, such as, how will my home be displayed online? How many online leads do you get, and how do you track your leads?  Similarly, home buyers by their behaviors are asking agents: What have you done for me lately?

If you’d like to know more about what Lake Martin Voice Realty can do for you, give me a call at (334) 221-5862, email me at [email protected], or click here to contact me.

Share this:
Share this page via Email Share this page via Stumble Upon Share this page via Digg this Share this page via Facebook Share this page via Twitter

Tags: , , , ,

Lake Martin Real Estate Sales – 2012 Year End Review

Lake Martin waterfront home sales had the second best year on record in 2012. According to the Lake Martin, Alabama, area MLS, 239 waterfront homes were sold, compared to 207 in 2011.

This represented a 15.4% gain over the prior year!

The Lake Martin Area MLS* gathers data from all its members, so this number includes every agent, every brokerage at Lake Martin. The previous best year for vacation home sales on Lake Martin was 2005, when 285 homes were sold. 2012’s total of 239 beats out the previous second place winner of 2006, when 235 were sold.

Here at Lake Martin Voice we had a really good idea that the Lake Martin real estate market would have such a sales report for 2012. In this post I wrote concerning waterfront home sales in November 2012, we knew that we were setting up for a very good situation, we just didn’t know how good until the December results were posted.

I also noticed that a few sales were added to prior months. If you go look at the November 2012 market report, that I wrote on December 10, 2012, you will see that 26 homes were reported as sold in September 2012. Since then, that number changed to 27. That is because our MLS* is only reporting the information that each Lake Martin realtor or broker inputs. Why did it change? Who knows. Maybe someone realized they had the sale date wrong, and corrected it. This happens fairly frequently. I think we can assume that, as we look over the course of eight years, that an equal amount of mistakes happen each year.  At any rate, this is the best data we have.

 

The Lake Martin real estate market also received some favorable attention from the ACRE news flashes. ACRE  is the Alabama Center for Real Estate, and it compiles statistics for the entire state. They recently posted this article about the Lake Martin area’s gain of 10.7% homes sold versus 2011. Please keep in mind that ACRE pulls numbers straight from the Lake Martin Area MLS, which includes off water homes in Alexander City, Dadeville, et al. The numbers I quote above of 239 home sales for 2012 and a 15% gain are taken from that same database, but filtered to give Lake Martin’s waterfront home sales only.

2012 A Winner Over Prior Year

When it is all said and done, the most any real estate market can ask is to have beaten the prior year in numbers of homes sold. This goes for Lake Martin or any market at any time. I have said many times over my years of doing these Lake Martin real estate market reports that I really focus on this statistic, especially at the month to month level.  I first read about this metric from Nicolai Kolding’s brilliant blog posts, who was then at Better Homes and Gardens but now is at Weichert. I started tracking the current month versus same month prior year sales a long time ago, and my research indicates to me that the Lake Martin Market turned for the better in July 2008, although 2008 as a year was the worst of the bubble crash.

2012 Waterfront Home Prices on Lake Martin

I think prices remained steady in 2012 at Lake Martin. Please see the below graph for my reasoning.

Long time readers of this blog know that I only look at Lake Martin home prices once a year. That’s because we are such a rural market, we have so few monthly sales on any given month, that if one tracks average prices per month, wild (80%) swings are seen. Monthly average sales price is not a reliable statistic because the sample pool is just too small.  My response is to look at sales price trends once per year, to break them down into “bands” of about $100,000 each, and to look at them in terms of how much each band represents sales as a whole.

For instance, if you look at the above chart, you can see that of the homes sold in 2012, about 24% were sold in the price range of $200,000 to $299,999. This was the largest price segment for the fourth year in a row. The bell curve did not totally shift to the right, which would indicate to me an overall market increase in price.

However, if you take a close look at the above bell curve for 2012, you can note that in other price segments like the $300,000 to $399,999 there was an increase in market share. While it was not enough of a shift to indicate an overall market price increase, it does make me optimistic that one is possible in 2013. It also does not match my intuition gained as an agent with “boots on the ground” this past year. In my gut, it felt like prices were increasing just a tad.  Maybe I am wrong. Or maybe I just need to break these pricing segments down tighter than $100,000 increments.

Maybe that’s a subject for a future market report.

Please stay tuned to this blog as I continue to pour through Lake Martin’s 2012 real estate sales results for waterfront properties. I will be looking at waterfront lots, the effect of foreclosures, and also be drilling down inside particular neighborhoods and areas.

Can I help you?

I am a full time Lake Martin real estate agent. I write this blog to help the public and myself stay up to date on Lake Martin real estate. I would love to be able to help you buy or sell a Lake Martin property. Please call me at 334 221 5862 or contact me by filling out this form.

 

Related Posts:

November 2012 Sales Report

Debunking The Labor Day Price Drop Myth
July Sales Cool
Lake Martin Lot Sales 2011

Lake Martin Real Estate Sales 2011 – Year In Review

Lake Martin Real Estate Sales 2010 – Lot Sales
Lake Martin Real Estate Sales 2010
Lake Martin Real Estate Sales 2009 – Year In Review
Lake Martin Real Estate Sales 2008 – Year In Review
Lake Martin Real Estate Sales 2007 – Year In Review

All Lake Martin Market Reports

(*)Disclaimers: All of the above info was taken from the Lake Martin Area Association of Realtors Multiple Listing Service. Accuracy is not guaranteed but deemed reliable. The above does not include sales by   FSBOs or developers that sell privately and not through the MLS. But, I do think that the above represents a very large majority of all waterfront sales on Lake Martin, Alabama.

Share this:
Share this page via Email Share this page via Stumble Upon Share this page via Digg this Share this page via Facebook Share this page via Twitter

Tags: , , , , , , ,

2012 Lake Martin Home Sales Resemble 2006

Lake Martin waterfront home sales look a lot like 2006. That may catch you by surprise if you follow the real estate market merely in general and think that every market is suffering right now. Other real estate markets around the country my still be reeling, but not for lakefront property sold at Lake Martin, Alabama.

November 2012 waterfront home sales on Lake Martin show us that right now our market is a lot closer to 2006 than 2011.

November 2012 Shows Strong Sales

Lake Martin had a good November and a great October in waterfront real estate sales. The number of homes sold during October was 21, which was the best October since 2005. November posted a good sales amount of 10, equaling many months as the best since 2006.

The above chart shows that 2012 has consistently beat the prior years in almost every month this year. I pulled these sales numbers from the Lake Martin Area Association of Realtors’ MLS* on December 10.

2012 Year to Date Waterfront Home Sales

Through November, 222 waterfront homes have been sold through the Lake Martin MLS. A quick glace at the below chart, which gives you the cumulative results, easily shows you that 2012 has been the best market since 2008. In fact, if I had gone back far enough, you could see that it was the best since 2006.

Please see the below property sales results for Lake Martin in numerical form. I went back to show, month by month, how the banner years of 2005 and 2006 looked.

If we see a typical December sales amount of say, five homes, that will put Lake Martin at 227 for the year. Very nice.

When compared to last year’s total homes sold of 207, we see that the estimated 227 would be 9.6% above last year. If we look at our estimation versus 2006’s actual total of 235, the eight homes’ difference computes to 3.4% below that year.

That’s why I am saying that 2012’s real estate market on Lake Martin resembles 2006 much more closely than it does 2011. That should be good news for people looking for a confirmation of a comeback, and even those who recognize our market’s comeback yet fear a backslide, or double dip.

Never Is a Strong Word

When the real estate market around the nation was going through the correction in 2007 and 2008, it always rankled me to hear people, from the so-called experts to the armchair economists, proclaim that real estate values had “never fallen this fast.” Even more irritating to me is when folks say “sales will never get back to where they were at the peak.”

“Incorrect,” I say very simply, “incorrect.”

Never is a strong word and you had better have a lot of proof when you use it. It is very foolish, in my opinion, to utter sweeping macroeconomic statements like “the real estate market will never get back to where it was in the peak.” If this people meant the numbers of homes sold, well, I can tell you by pointing at the numbers, we are equal (materially) with 2006 right now. Value wise, we are still below the prices that were paid back then, but it’s only a matter of time, at this pace, that we will catch up.

I might note, I was equally critical of the bullish statements in 2005, 2006, and 2007 when people said real estate would “never crash like it did in the 1970s.”

There is nothing new under the sun.

Note: Once again I have failed to post my market reports column that I wrote for Lake Magazine. Sorry about that. Here’s a link to the report I wrote on Lake Magazine’s November 2012 issue where I analyzed home sales statistics through September 30, 2012:

The Numbers Are In

Lake Magazine (for some strange reason) did not publish the graphs I gave them to use in the print edition when they put it on their site. No worries, just refer to those above.

Related Posts:

Debunking The Labor Day Price Drop Myth
July Sales Cool
Lake Martin Lot Sales 2011

Lake Martin Real Estate Sales 2011 – Year In Review

Lake Martin Real Estate Sales 2010 – Lot Sales
Lake Martin Real Estate Sales 2010
Lake Martin Real Estate Sales 2009 – Year In Review
Lake Martin Real Estate Sales 2008 – Year In Review
Lake Martin Real Estate Sales 2007 – Year In Review

All Lake Martin Market Reports

(*)Disclaimers: All of the above info was taken from the Lake Martin Area Association of Realtors Multiple Listing Service. Accuracy is not guaranteed but deemed reliable. The above does not include sales by   FSBOs or developers that sell privately and not through the MLS. But, I do think that the above represents a very large majority of all waterfront sales on Lake Martin, Alabama.

Share this:
Share this page via Email Share this page via Stumble Upon Share this page via Digg this Share this page via Facebook Share this page via Twitter

Tags: , , , , , , , , ,

Debunking the Labor Day Price Drop Myth

I am proud to be a monthly contributing writer to Lake Magazine. I have been writing for them for a little over a year now, and I have really enjoyed it. One unexpected result is that I tend to write about Lake Martin real estate market reports on there a little more than I suspected, which could mean that some readers here might miss them.

Once such example is an article I wrote for the September issue of Lake, where I studied the question:

Do sellers of Lake Martin waterfront homes drop their prices after Labor Day?

I hear that question a lot this time of year and I always say, not necessarily.  If you would like to read the entire article, please click here for a link to it at Lake Magazine.

The most surprising thing to me when I wrote it was the overall rising trend in sales price to list price over the last three years.  I would like to think that this is due to a couple of factors:

1. More accurate pricing from Lake Martin realtors – Sometimes I wonder exactly where agents are coming up with their pricing for lake homes or lots. I have certainly missed my share of estimations over the years, but I do have to scratch my head sometimes when I see listings that I believe are twenty and thirty percent over priced. Maybe they know something I don’t. But one interpretation of this chart to me is that listing agents are getting more accurate to begin with when they and the seller agree on a listing price.

2. Strengthening prices in waterfront homes? Traditionally, the sales price divided by list price statistic is oft quoted by economists as an indicator of the strength of any real estate market. I do not – I repeat do not – think the above is a sign that home prices have risen. In fact, this post of market reports shows you I think prices were steady in 2010 and 2011. But I do think it is a positive sign.  I really look forward to January or February when I run the same sets of calculations for 2012.

 

Share this:
Share this page via Email Share this page via Stumble Upon Share this page via Digg this Share this page via Facebook Share this page via Twitter

Tags: , , , , , ,

July Sales Cool On Lake Martin

July waterfront home sales on Lake Martin, Alabama, saw a dip as compared to last year.  In July of 2012, 20 waterfront homes were sold on Lake Martin, whereas in July 2011, 26 sold.

If you have been around Lake Martin this summer, you know that we have had some hot and dry weather. But if you have been searching for a home and watching the market, apparently that did not translate into hot home sales for July. When I am judging any month’s sales numbers, I always compare it to the same month of the previous year.  So far, 2012 has been pretty consistently beating 2011.  There was a slight stumble in April, however. But the next month, the sales came roaring back with a May that crushed any previous month since 2006.

Even though Lake Martin had a weak July, for the year, we are still ahead of the previous year. Through July in 2011, there were 129 waterfront homes sold. This year there are 137 sold. I don’t think it’s time to hit the panic button quite yet.

Also, we need to remember May. We had a huge comeback in May 2012 after a lackluster April. Will this happen again in August? We can take some clues from how many sales are pending in the Lake Martin MLS right now.  At this writing, there are 37 waterfront home sales pending, and we’re in the middle of the month.

August Savior?

It’s my theory that we will have a huge August, and will correct the tepid July.  I think the Lake Martin real estate market will continue to pace above last year. I base this on the sheer momentum of sales going on right now, and the fact that in a small market like ours you sometimes have swings month to month in sales.

Related Posts:

June Home Sales Jump
Lake Martin Lot Sales 2011

Lake Martin Real Estate Sales 2011 – Year In Review

Lake Martin Real Estate Sales 2010 – Lot Sales
Lake Martin Real Estate Sales 2010
Lake Martin Real Estate Sales 2009 – Year In Review
Lake Martin Real Estate Sales 2008 – Year In Review
Lake Martin Real Estate Sales 2007 – Year In Review

All Lake Martin Market Reports

(*)Disclaimers: All of the above info was taken from the Lake Martin Area Association of Realtors Multiple Listing Service. Accuracy is not guaranteed but deemed reliable. The above does not include sales by   FSBOs or developers that sell privately and not through the MLS. But, I do think that the above represents a very large majority of all waterfront sales on Lake Martin, Alabama.

Share this:
Share this page via Email Share this page via Stumble Upon Share this page via Digg this Share this page via Facebook Share this page via Twitter

Tags: , , , , , ,

June Home Sales Jump at Lake Martin

The waterfront real estate market on Lake Martin, Alabama, continued its hot streak into June.  Twenty three homes were sold in June of 2012, versus 22 in June of 2011.

Last week I was doing some macro economic type research for a buyer that was interested in a home in the Preserve at Stoney Ridge.  He asked me how waterfront home sales on Lake Martin looked so far this year, and I responded that I thought we had a really good chance to have a spectacular year, one that may even rival 2006. Lake Martin real estate sales are definitely tracking to beat last year, a widely viewed indicator of market health.

According to the Lake Martin MLS*, the twenty three homes that were sold in June 2012 brings this year’s total to 116.  That is well above the 103 that 2011 had through June, and certainly the 91 in 2010.  In fact, we must go back to 2006’s total of 153 through June to see a competitor for this year’s pace.

Speaking of pace, it is only going to get faster when I report July 2012 sales. Judging from the number of homes that have already closed in the MLS for July, and then adding in some that might have actually closed but the agent has not changed their status yet, I think July 2012 will easily beat July 2011.

Then you can add in to the numbers some anecdotal evidence: everyone is busy.  Realtors will always tell you they are busy, of course.  But when I ask people like closing attorneys and home inspectors, and they tell me that they are over scheduled – I pay attention.

A Word On Status In The Lake Martin MLS

Many, many of the readers of this blog use the home search function (link at the top of the page) to constantly look around Lake Martin for a waterfront home, lot, or condo. I am super proud to be a major source of data for thousands of visitors to my site.

I often am asked,

Q: What does the “status” field mean in the Lake Martin MLS?

A: In the Lake Martin MLS, any time you look up the detailed info for a waterfront property for sale, it gives you one of these possible status indicators: 1.Active, 2. Cancelled, 3. Closed, 4. Expired, 5. Pending, or 6. Withdrawn. Here are my lay definitions of each:

  1. Active – this property is “For Sale” right now. Wide open.
  2. Cancelled – this property has been taken off of the market permanently. (At least until the seller decides to use another Lake Martin agent).
  3. Closed – sold – an offer has been made, accepted, contingencies worked out – and the sale has closed and ownership has changed hands. When I am trying to help sellers get an idea of what their property may be worth, I only consider “Closed” properties.
  4. Expired – this property did not sell during the listing period, and the listing has expired. No longer Active.
  5. Pending – Pending means that a buyer and seller have come to a written agreement on a contract to sell the property, but they are still in the period before closing when things like home inspections and title work are being done.
  6. Withdrawn – kind of like Cancelled but it could be a temporary thing. I think in our MLS an agent can take a property off of the Withdrawn list and re-activate it, but not so for Cancelled. To be honest, I am not sure why we have both Withdrawn and Cancelled.

I hope this helps in your search of the Lake Martin MLS. For more help on how to effectively search for your waterfront property on Lake Martin, feel free to call me at 334-221-5862 or by a contact form by clicking here or click here to go watch video tutorials I made about how to search.

 

Related Posts:

Lake Martin Lot Sales 2011
Lake Martin Real Estate Sales 2011 – Year In Review

Lake Martin Real Estate Sales 2010 – Lot Sales
Lake Martin Real Estate Sales 2010
Lake Martin Real Estate Sales 2009 – Year In Review
Lake Martin Real Estate Sales 2008 – Year In Review
Lake Martin Real Estate Sales 2007 – Year In Review

All Lake Martin Market Reports

(*)Disclaimers: All of the above info was taken from the Lake Martin Area Association of Realtors Multiple Listing Service. Accuracy is not guaranteed but deemed reliable. The above does not include sales by   FSBOs or developers that sell privately and not through the MLS. But, I do think that the above represents a very large majority of all waterfront sales on Lake Martin, Alabama.

 

Share this:
Share this page via Email Share this page via Stumble Upon Share this page via Digg this Share this page via Facebook Share this page via Twitter

Tags: , , , , , , , ,

Market Report May 2012

The Lake Martin real estate market had a smashing May, tallying 32 waterfront homes sold! This is the highest number of homes sold in six years, since May of 2006.

In this real estate market report I wrote for Lake Magazine, I noted that according to the Lake Martin MLS*, April 2012 had a relatively weak number of waterfront homes sold. I wondered if this was a signal that the Lake martin market was slowing down, or if this is a mere timing thing, setting the table for an explosive May.

It seems the latter was correct. 32 waterfront homes sold in one month is a lot for a little market like Lake Martin. Please note these numbers encompass all brokerages, all agents, in the Lake Martin MLS.

How good is 32?

To help put it into perspective, I looked at each month’s sales history since January, 2005. I found that May 2012 was the best home sales month on Lake Martin since 33 was sold in May of 2006. Think of that – the last time we have seen sales like this was in a confirmed seller’s market of 2006.

Also, another way to view this month is to ask this question:

Q: Since January of 2005, how many times has the Lake Martin real estate market exceeded 30 waterfront home sales per month?

A: Just six. That’s right, over the last 54 months, including the blistering years of 2005 and 2006, Lake Martin has exceeded 30 only six times: May 2012, August 2009, the above mentioned May 2006, and three times in 2005.

I think this proves that April 2012’s weak showing of 14 Lake Martin waterfront homes sold was an aberration, a timing issue. Of course, the same could be said about May, but I doubt that is really the case. As I write this, there are 23 home sales pending in the Lake Martin MLS and 17 recorded as sold since June 1. In other words, June is setting up to be a good sales month as well, very likely to beat the prior year’s June total of 22 homes sold.

If we step back and look the cumulative total number of waterfront homes sold on Lake Martin so far this year, we see that 93 homes have sold. Once again, this is the best five month start since 2006.

Lake Martin Lot Sales 2012

Lake Martin waterfront lots are also selling well so far in 2012. In May, 10 lots were sold, which was the best since 10 sold in April 2011. Other than last year, we have not seen that many lots sold since 2005.

Supply Side

When I first started blogging about Lake Martin real estate way back in 2007, I always included the numbers of waterfront homes for sale on Lake Martin. Every month I trotted out the supply. But, it got rather tedious so I stopped doing it every month, only mentioning it once per quarter or so. I don’t really know why. Maybe it was because it frustrated me to see the number of homes for sale keep rising when the Lake Martin market was in an obvious shift to the buyer’s side of the equation. I don’t know.

I do think it bears a look now, in light of the sustained sales.  I took a look at the number of waterfront homes for sale on Lake Martin in the last few years. It has been dropping quite a bit. If we use the month of May as an example, we see that in May of 2009 there were 589 homes for sale on the MLS. May of 2010 saw it drop to 492, then drop to 476 in 2011. In May of 2012 it was only 411. That is a 30% decrease in supply in three years. True, that percentage fluctuates based on which month you consider. It also is true that many more condos were for sale back then, but I looked at the condo effect in this post and it wasn’t all that big an influence in sales.

If supply stays low and sales continue on this trend, could 2012 be a year of actual price increases?  I’m not willing to go out on that limb.  Yet.

Related Posts:

Lake Martin Lot Sales 2011
Lake Martin Real Estate Sales 2011 – Year In Review

Lake Martin Real Estate Sales 2010 – Lot Sales
Lake Martin Real Estate Sales 2010
Lake Martin Real Estate Sales 2009 – Year In Review
Lake Martin Real Estate Sales 2008 – Year In Review
Lake Martin Real Estate Sales 2007 – Year In Review

All Lake Martin Market Reports

(*)Disclaimers: All of the above info was taken from the Lake Martin Area Association of Realtors Multiple Listing Service. Accuracy is not guaranteed but deemed reliable. The above does not include sales by   FSBOs or developers that sell privately and not through the MLS. But, I do think that the above represents a very large majority of all waterfront sales on Lake Martin, Alabama.

Share this:
Share this page via Email Share this page via Stumble Upon Share this page via Digg this Share this page via Facebook Share this page via Twitter

Tags: , , , , , , , , , ,

Outlook Writes About Lake Martin Foreclosures

I was honored to be interviewed April 9th for an Alex City Outlook article on waterfront foreclosures around Lake Martin.

Jessica Hargett called me to ask me how foreclosures are going around the lake.  When I started spitting out stats from 2011, she had to interject and let me know that she was curious about 2012.  OK, if 7% of sales last year were foreclosures, what about this year?, she asked.

Me:  “Uhhh.. hang on.  I don’t know.”

It turned out that when she called, I had not run any reports for 2012 sales yet. In fact, her questions were the impetus for the research that generated this blog post about 2012 waterfront sales on Lake Martin, so I thank her for that.

Much of what I talk about in the Alex City Outlook article I cover in my Market Report, while it does bear repeating that I was surprised that so many sales in the first quarter of 2012 were foreclosures, I just don’t think it will last. I will be the first to admit I am wrong, but I just don’t see enough supply to hold at such a high percentage. My wild guess is that foreclosures will once again ring in at 7% of the waterfront sales market on Lake Martin, just like 2009, 2010, and 2011.

If you would like to see the current list of foreclosed waterfront homes and lots for sale on Lake Martin, please CLICK HERE and fill out the form and I can email it to you.

If you have already received the link in the past, no need to request it again.  That list is auto-populated from the Lake Martin MLS, just save it in your web browser’s favorites and check it whenever. It’s always current.

I think the Alex City Outlook is a great resource for Lake Martin news, and encourage you to follow them on Twitter, Facebook, the web, or however you choose to absorb news.

 

Share this:
Share this page via Email Share this page via Stumble Upon Share this page via Digg this Share this page via Facebook Share this page via Twitter

Tags: , , , , , ,