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Lake Martin Real Estate Sales – 2008 Year In Review

The waterfront property sales in the Lake Martin MLS* ended the year by tying 2007’s December sales of 4.

lake martin waterfront property sales 2008

When we looked at November 2008 sales for Lake Martin, we saw that 2008 monthly sales were starting to beat 2007.  How did we finish the year?

On a whole, 2008 proved unable to beat the infamous drought year of 2007.  In total, 137 waterfront homes were sold through the MLS on 2008, which was about 12% less than 2007’s number of 156.

Check out the graph of cumulative sales:

To put this decrease into perspective, see the below chart.  It shows by month, sales of waterfront Lake Martin residences in the MLS.  You can see the decrease of number of sales from 2007 to 2008 of 12%.   Also consider that this is the third year in a row of consecutive decreases.

What did prices do on Lake Martin in 2008?

Another natural question is to look for evidence of falling prices in such a strong buyer’s market.  If you compare 2007 to 2008, it is interesting to note that at the low end and the high end, 2008 actually had more sales. As always, there are some sales that report “0” as the sales price.  If you take these sales out, it looks like:

Looking at the sales, I think this was due to many sales of leased lot mobile homes on the low end, and spec homes on the high end. Of the 24 homes sold at or above $1 million, about 14 were in the Ridge.

But this still does not give us any real feeling of a basic question that I get asked all of the time: Are Lake Martin sellers finally dropping prices?

I have said this many times before, but I will repeat – the Lake Martin area real estate market, especially waterfront property – is a relatively small pool of sales statistics from which to draw.  Sure, the lake itself is huge, but in terms of number of sales, we are small even by Alabama standards.  When you try to draw too many broad conclusions from a small set of data, you get weird results.  Nevertheless, I thought I could see some interesting trends if I looked at statistics like Total Sales Volume, Days On Market, and Average Price.  Check out these factoids covering 2005 – 2008:

sales-factoids-05-thru-08

Most of these factoids seem pretty logical and follow the pattern that we by hindsight know – that 2005 was the peak of an extreme seller’s market, and 2006 saw a transition to a buyer’s – and by 2008 we are at the other end of the spectrum, and extreme buyer’s market.  The Sold Price as a % of List Price decreases.  OK, check.  I get that.  Average Days on Market for sold listings dramatically increase, OK.  Active Listings balloon, almost doubling.  Right.

But wait – Lake Martin Average Price INCREASES?  Sure it came down a little in 08 but did it almost DOUBLE from 05 to 07?  That is counter intuitive.  My gut tells me no.  My gut tells me that the average is badly skewed by a few high sales prices, and since 2008 sold less than 50% of homes than 2005, it affects the average a lot more.

So is my gut correct?  Only one way to find out.

Searching For A Bell Curve

What will Lake Martin sales look like if I break them up into price categories and then divide by total sales? For example, in 2005, there were 77 homes sold in the $200k – $299k price range, and 284 total that year.  77 divided by 284 is about 27%.  That’s what gives you the peak in 2005’s line below.  It removes influence of the amount of each sale, and merely looks at each price category as it relates to the whole.  Then we can see how much each particular year is influenced by low or high end sales.  Here it is:

lake martin real estate sales history

If you care to view the numbers behind the chart, click here.

I believe that this graph clearly shows that the average reported waterfront sales prices of residences on Lake Martin in 2008 was definitely skewed by an unusually large percentage of high end sales.  The aqua line represents 2008.  Fully 18% of 2008 sales were above $1 million – while only 2% were in 2005.  18 divided by 2 is 9 – 9 times more greatly influenced by the high end.  That’s NINE TIMES, Ferris. Nine times.

Well, this is because things got more expensive, you might say.  No, I disagree.  If all prices increased, we would see more of a shift of the entire curve – as we saw from 2005 to 2006.  You can see that the peaks of 2006 and 2007 are definitely ahead of 2005 – to me a clear sign of overall price increases.  But check out what happens to the peak in 2008 – it drops back!

On all but the top 20% of sales on Lake Martin, 2008 was a year of decrease prices!  How much I am not willing to say.  Remember, we’re dealing with small samples.  For example, to look at this graph and say, since the peak in 2006 and 2007 was in the 400s, and it dropped back to the 300s in 2008 – it would be incorrect to think that the whole market decreased 25%.  But I do think it is OK to say we experienced a downward trend.

SO WHAT MATH NERD??!? WHO CARES? HOW DOES THIS HELP ME?!?

I can think of several applications for 2009:

BUYERS:

1. Anyone that has been waiting until prices come down can quit waiting.  It is happening.

2. Observe that for sellers, their sweet spot came in 2006, when prices were still rising even though more and more homes were flooding onto the market.  It took them a while to catch on that the end was coming.  HOW LONG WILL YOU WAIT TO BUY?

3. This cycle WILL swing back. Will you be burned like some sellers were in 2006, gambling that prices would rise again in 2007, only to be hit with the drought then the bank meltdown?  When else in history have buyers had this perfect storm on their side?

SELLERS:

1. This should show you that now, more than in the last 4 years, buyers are extremely price sensitive.  They are reacting to aggressively priced homes, not homes with crazy list prices.

2. There are TONS of other homes on Lake Martin for sale.  The buyer can pick among several good candidates.  You are not as special as you were in 2005.

3. Know your competition – look at your home and decide, what price point would I be in?  What would be my competition?  Regardless of the price, be competitive within that category.  Also, choose a price that justifies not stepping up or stepping down.

In Summary

Sorry for the long post, but I just couldn’t break this info up and it make any sort of sense.

Please note that I am not trying to break the news that it’s a buyer’s market and prices are dropping.  That’s obvious.  Similarly I realize I am not the first to discover the bell curve.  But – I do think it is tremendously exciting to finally have a mechanism to observe pricing trends that isn’t too mangled by our small sample size.

Call me a dork, but I love it.  I love Lake Martin real estate, so to me this is big.  Indulge me, OK?

(*)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 sales on Lake Martin.

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Lake Martin Market Statistics Category

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Lake Martin Real Estate Sales – November 2008

The Lake Martin MLS* shows that waterfront property sales were up again this month, when compared to 2007. In November of 2008, 6 waterfront homes were sold through the MLS as compared to 3 in the drought baked 2007 year.

lake martin waterfront sales november 2008

I know what you’re saying  – 6 homes sold on all of Lake Martin?  Sounds wimpy to me, too.  But if you take a step back and look, this is good news.  If we compare 2008 to 2007, we now have beaten last year’s sales in 4 out of the last 5 months. In the one month (August) that we didn’t beat 07, it was a virtual tie.  Perhaps this will point to a return to a more balanced market in 2009.

However, it does not appear that total 2008 lakefront sales will beat 2007 on Lake Martin.  The first few months gave 07 an almost insurmountable lead.  At the end of November 2008 we have sold 133 versus 152 in November 2007.  Despite the late summer and fall rally, I don’t think 23 homes will be sold in December 2008 by Lake Martin agents.  I think it will be more like 5.  I hope I am wrong, though.

Check out the graph of cumulative sales:

lake martin waterfront homes for sale

With only 6 sales, the market did not do much to absorb the total number of waterfront homes for sale on Lake Martin.  We did have another reduction, which is great, but we still are near our 24 month high of total number of listings. In November 2008 there were 463 homes for sale, which was lower than October’s 490 but still a far cry from January 2008’s 341.

Looking forward to the 2009 real estate market, what does this mean..

To Buyers?

We still have a lot of waterfront homes and lots for sale on Lake Martin.  The buyers I talk to need help sorting through all of it.  They ask: Which are overpriced? Which are in solid neighborhoods, and which are teetering on the edge of bank trouble? Which sellers will take a lot less than their list price, and which will be tighter on it?  As a Realtor, my ability to answer these questions is how I make a living, and I certainly have a lot of opinions, backed up by the numbers, that helps a buyer spend the dollar most effectively.

To Sellers?

How will you make your Lake Martin home or lot stand out among the noise?  The market has changed, that much is obvious.  How will you react? Will you rely on the same old tired real estate tactics? Or will you realize that there is a difference? If you are thinking about selling this year, I would be honored to talk to you about your property, and develop a custom marketing plan that will include a heavy emphasis on internet marketing, supported by traditional advertising techniques.  I would be glad to share the testimonials of the satisfied clients that made 2008 my best year in real estate.

(*)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 sales on Lake Martin.

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Lake Martin Market Statistics Category

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Double Shot Of Good News – Lake Martin MLS Sales Results – Sept. and Oct. 2008

Lake Martin waterfront sales have not been especially brisk, but at least we have beaten the prior year in the last two months.

In September, there were 20 waterfront homes sold in the entire Lake Martin MLS*, which represented a 25% increase from September 2007.  October 2008 saw 15 homes sold as compared to only 8 in October 2007.  While that is positive news, I still don’t feel like we are in the heady rush of an upswing in sales. 

Here’s the monthly sales chart:

We still haven’t sold more homes cumulatively as compared to 2007. The Lake Martin realtors would need to sell 29 homes total in November and December to do that. We might come close, but I doubt it. Here is the cumulative comparison chart:

 

 

 

 

 

 

 

 

 

 

Another bit of good news it that total active listings on the Lake Martin MLS have come down for the third month in a row.  See below:

 

 

 

 

 

 

 

 

 

 

All of these backward looking charts are great, but the thing that people ask about the most is the future.  Where is the Lake Martin real estate market headed? What about waterfront property around the country in general?

For all of you Lake Martin Voice Readers who want extra points, please read this excellent post by Nicolai Kolding on the Better Homes and Gardens Blog.  I don’t know if he came up with this or not, but the basic gist is that a great way to understand the cycles of real estate is to study transaction sides (# of sales) and average sales price. This may seem elementary until you see what is driving what – average price changes lag BEHIND transaction sides. In other words, changes in # of sales foretell changes in prices.

Market Phases

 

 

 

 

 

 

 

 

 

 

 

 

 

This is not some hocus pocus, he backs it up with cold hard numbers and observes market periods long enough ago that we can all agree were sellers’ or buyers’ markets. Check out his supplementary post here, and download the spreadsheets to check the numbers yourself.

We have a disadvantage here in the Lake Martin waterfront market in that our average sales prices are all over the map. As I have said before, our small sample sizes of sales mean that we have a wide difference month to month in average sales price. Any time you have a wide difference or deviation, statisticians tend to throw out the results. Think of trying to predict the presidential election by only asking 1 person. It wouldn’t be very accurate. If you ask one million, well, depending on the sample, it will be more accurate. Asking 10 million, even more accurate. We can’t look at short term average sales price changes on waterfront homes on Lake Martin and infer very much.

But we can keep a close eye on total sales, and how they compare with previous periods. We will have to make a call with our guts on the average prices. But if we put both together, maybe we can assign what type of market Lake Martin is in with a little more certainty than before. Thanks to Nicolai for the post, and for sending me his supporting data so that I could run a test on Lake Martin.

“So what?” – you ask.

Well, it means that if you are thinking about buying at Lake Martin – get hopping.

I think we’re in Phase V or VI, but I don’t know how long that will last.  We blew through Phases III and IV pretty fast.  And we only have up to go. With so many properties on the market, wouldn’t you like a professional to help you make sure you aren’t the one who gets burned? Call me or email me.

(*)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 sales on Lake Martin.

Related Posts:

Lake Martin Market Statistics Category

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2 New Charts: Lake Martin Real Estate Sales 08-2008

To respond to some readers’ comments, I thought I would publish a few more statistics from the Lake Martin MLS* waterfront home sales for August 2008.

Before I get into it, let me first caution all readers not to draw broad conclusions about the Lake Martin real estate market from the following two graphs.  I still maintain that looking too deeply into monthly sales statistics may be misleading, since we have such a very small market in terms of number of sales.  It just doesn’t make for a very good sampling pool when there are only 20 sales. So again I stress, this is for illustrative purposes only.  Keep in mind that you are only looking at 20 sales, only in the month of August.

The chart below makes a great case study as to why I am loathe to use trend analysis on monthly sales statistics. I am trying to answer the question, what did waterfront homes sell for relative to list price in August on Lake Martin? As you can see, sale number 18 does not have a sold price listed (no blue bar).  So if I were to include that in the average, it would totally mess up the average calculation.  I am sure that the home wasn’t give away for free.  For some reason, the seller chose not to list the sales price in the MLS.  It was a home that listed for around $300,000 – so I imagine it sold for around that amount.  But I don’t want to guess, so I left it out of the average calculation.  It’s a rolling average, so e.g. only the first 10 sales are averaged in #10, then on #11, 11 are averaged, etc.  On the last one, #20, I only average 19 since #18 was zero.

Nevertheless, here we go.  The blue bar is each sale’s % of Original List Price divided into sales price.  Original List Price is the list price used when a home was first entered on the Lake Martin MLS.  So if a home was put on the MLS on January 1 for $450,000 – then the list price was reduced on March 1 to $400,000 – then sold on August 15 for $385,000 – the calculation is $385,000 / $450,000.

Here is another chart, attempting to describe the average Days On Market for each waterfront home sold through the Lake Martin MLS in August.  My old statistics professor (RIP) would have a fit looking at this.  The standard deviation is too huge to be useful.  It goes from zero on the low side to a high of 456.  The rolling average ends up at 159.

Days on Market is defined as Date Sold minus Begin Date.  So if a property was sold on August 15, and it was entered on the MLS on July 1, that would equal 46 Days On Market.  Our average, at the end of August, was 159 Days On Market.  Is that close to our average for 2008?  My gut tells me yes, but I have not confirmed that.  So don’t take it as gospel.

I may decide to incorporate these types of charts in the future, but as you can see they get tedious when you have to comb through them to weed out sales which do not publish a sales price or some such other datum.

Hey Buyers – I’m talking to you. Yeah you.  If you have even thought about buying Lake Martin real estate in the last 4 years or 4 minutes, I am talking to you.  Would you like to know the top 5 properties out there in your category (lot, home, condo) that are the best value? Why not email me at the address at the top of this page.  Warren Buffet is buying, so you can say you did it because of him.  You will look smart.

“John – Where is your friend Ward?” From Lake Martin Voice

Related posts:

More posts on Lake Martin MLS Statistics

(*)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 sales on Lake Martin.

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Lake Martin MLS Sales Results – August 2008

Lake Martin MLS* waterfront home sales did not match the sun and fun for August 2008.

July 2008 waterfront home sales turned in a winner, beating 2007’s mark and giving us hope of the start of a rally.

Unfortunately, August did not repeat, turning in a lukewarm 20 sales, about the same amount for August 2007.

Once again, the old supply and demand thing continues to nag Lake Martin just like the rest of the country.  It was heartening to see the first reduction (from 527 to 518) in active listings since November of 2007. The overall active waterfront listings did dip, perhaps (hopefully) beginning its annual cold weather slide:

Another interesting thing to note is the amount of waterfront lots that are for sale right now on Lake Martin.  I must admit I was surprised, and triple checked this number.  Would you belieive that in August there were 152 lots for sale, and only 2 sold?  Check this table:

This confirms the c-store talk among real estate agents.  Given these numbers, and scanning the MLS, I think that any buyer looking at Lake Martin as a pure investment play needs to consider a lot. Especially if you don’t want a lot of upkeep.  Lots are low maintenance.  If this applies to you, let me know, I have a new lot listing that you might like.

I will wait another week or so to post results for 3Q08. I try to give it several weeks after the calendar end date to post results, as a lot of agents lag behind a bit in entering their results into the Lake Martin MLS.

Are you thinking about selling, and would like to know how I would use the above information to sell your property, despite all of the doom and gloom? Contact me.  It can be done!  Let me share some success stories with you.

Related posts:

More posts on Lake Martin MLS Statistics

(*)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 sales on Lake Martin.

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Winner Chicken Dinner – July 2008 Beats July 2007

Lake Martin waterfront sales surged in July.The Lake Martin MLS* shows 15 closed sales in July, up from 7 in June, and 36% greater than July 2007 sales of 11.

lake martin sales 2008 

Is this the rally point Lake Martin sellers have been praying for? Will this surge carry into August and the fall? Only time will tell.

Buyers of Lake Martin real estate don’t need to worry, there are plenty of properties still for sale.  Even though the number of waterfront homes sold rose, so did the “active listings” aka homes that are “For Sale” rose also.  The active listings in July 2008 was 527 as compared to 510 in June 2008.

lake martin active listings july 2008

So as you see, we are still in a buyer’s market, at about 35 Months’ Inventory on the market (527 divided by 15 sold).  That’s a lot. In order to get back to the sellers’ market pace, we would need to be selling a lot more than this. 

Another interesting factoid is to look and see at what prices these 15 properties sold.  It looks like the majority was under $599,999, with a fairly large bulk at the $200,000 to $399,999 range.

lake martin sales statistics 2008 

Are you thinking about buying on Lake Martin, and waiting for the right time? Contact me at the phone number at the top of this page, or email me.  I can help you run the numbers, and cut through all of the noise to help you find what’s right for you.

What do you think, Reader?  Will this increase be sustained, or is it a flash in the pan? Please comment below in the “Leave a Reply” section.  If you can’t see that, then click “Continue” and scroll to the bottom.

(*)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 sales on Lake Martin.

Related Posts:

Lake Martin Market Statistics Category

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Lake Martin MLS Sales – Second Quarter 2008 Results

The numbers confirm what we all felt in our guts – according to the Lake Martin Multiple Listing Service – in the second quarter of 2008, sales were down compared to 2007.  Also, just as importantly, the number of active listings was up, therefore keeping a lot of pressure on sellers.

lake martin sales 2008

If you recall, in 2007 by June we really had a pretty good idea that we were in for a miserable drought.  I would have thought that meant June 07 waterfront sales would be a lot lower than 2008 (drought tempered).  But I was wrong.  The year to date numbers get even uglier.  If you read my post about the first quarter sales results, you may remember that we had sold 17 waterfront properties through March 31, 2008 versus 43 through March 31, 2007.

If you add the first and second quarters together, I guess someone revised a few sales because the year to date totals at June 30 are 93 for 2007 and 57 for 2008.  Here is a graph to show it:

lake martin ridge stoney

This graph shows the waterfront sales, through the entire Lake Martin MLS, through June 30 of each year.  Each month is cumulative.  E.g. through May 08, 50 had sold on the entire lake.  7 were sold in June, so at June 30 the Year To Date Total is 57.  Again, I am just trying to show the cumulative effect.

Maybe we have more water in 2008, but Lake Martin also has another thing that is equally potent: more listings for sale.  See the below graph.  Note that in 2007, the total number of waterfront listings for sale peaked at around 450.  Through June 30 we are way past that, at over 500:

lake martin active listings waterfront

I hate  to keep beating this drum, but it always comes back to supply and demand.  We have 10% more for sale this summer than we did in 2007.  This is why sellers must be absolutely focused on their pricing, staging, and marketing.  If we continue to have more overpriced and undermotivated sellers on Lake Martin, look for the “days on market” stat to climb even higher.

(*)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 sales on Lake Martin.
Related Posts:

Lake Martin Is High, But So Is Real Estate Inventory
Lake Martin Waterfront Sales: April 2008

Lake Martin Waterfront Sales – April 2007 vs April 2008 – A Photo Finish

Lake Martin real estate waterfront sales showed some signs of improvement in April 2008 as compared to April 2007.

lake martin property sales waterfront

In April 2008, there were 18 waterfront homes and condos and 1 lot sold through the Lake Martin MLS.* Compare that to 2007 when 17 homes and condos were sold and 2 lots.  Combine them together, and you’re at a dead heat of 19 properties in each year.

Lake Martin MLS stats April 07 vs April 08

lake martin real estate blog

For those keeping a running tally, and don’t feel like clicking back to the post where covered Lake Martin sales for the first quarter of 2008, that makes a total of 35 residences sold through the MLS the first four months of 2008 and 50 residences sold in the first four months of 2007.

While it might not represent the explosion of waterfront property sales that sellers were hoping for, it does show a potential for Lake Martin sales to be better in 2008 than they were in 2007.

First of all, in March 07 there were 25 sales, and then in April 07 it dropped to 17.  In 2008, we had 11 in March and 18 in April.  In fact, sales through the Lake Martin MLS in April 08 matched the sales in the previous 3 months combined.  So at least we are on an upswing in 2008.

Interested in buying Lake Martin property? Email me or call me at the number at the top of this page.  I’ll help you sort through all of the choices and help you get the best deal for the home or lot of your dreams.  All realtor fluffery aside, this summer truly is a great time to buy.  Don’t wait until next year.

lake martin property waterfront

Related Articles:

Lake Martin Is High, But So Is Real Estate Inventory
Lake Martin MLS Sales – 2007 Year In Review

(*)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 sales on Lake Martin.

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Lake Martin Is High, But So Is Real Estate Inventory

Lake Martin propertySpring rains have filled Lake Martin faster than almost anyone expected “ in the first 3 months of 2008 we went from bone dry to runnething over. Will the waterfront real estate market bounce back in three months, too?

Not likely. There is still a lot of inventory to sell which I think will continue to make 2008 a great time to be a buyer. To wit:

A comparison of the first quarter sales in 2008 shows that in the entire Lake Martin residential waterfront market on the MLS(*), there were fewer sales this year than in 2007.

If you look back to the post where I reviewed Lake Martin waterfront sales in 2007, you will remember that January “ March 2007 saw 43 waterfront properties sold:

lake martin mls sold waterfront 2007lake martin mls sold waterfront 2007

lake martin sales

The same statistics in the first three months of 2008 in the Lake Martin MLS shows sales of only 17:

Lake martin sales mls Review of 1q08

Is it time for sellers to to give up? Will 2008 see only 58 waterfront homes (17 * 4) sold? Of course not. History shows us that the four months February “ May of every year counts for almost 50% of residential waterfront sales on Lake Martin. We still have half of that critical period to go before we get a better prediction on 2008.

Also remember “ January and February 2008 sales were also affected by the drought. Just look at news reports from that period “ they were dire. Some people openly wondered if the lake would EVER come back. The water level really didnt start shooting up until the last week in February “ when it rose a whopping 4 feet in 7 days. Since then, spirits have been buoyed and more buyers are crawling the coves.

So can sellers relax? Will Lake Martins water level comeback springboard the real estate market back into the raging sellers market of 2005?

Not likely.

There is still a lot of inventory. There is a lot of competition for the buyers attention. It is still very possible to sell in this market (the fact that my lights are on testify to that fact). I am telling all of my sellers that we must continue with intense focus on the golden trinity of real estate: pricing, marketing, and staging. As a seller, you must do all 3 exceptionally well in order to sell on Lake Martin right now. The sellers who get overconfident now will be the last to sell this year, guaranteed.

Are you considering selling your waterfront property now that Lake Martins water is up? Or maybe you just wonder how the last 24 months have affected its possible value? Call or email John for a no guilt, no hassle, pain free Comparable Market Analysis. See the contact info at the top of this page. If you dont want to sell after we talk, no hard feelings “ I promise.

(*)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 sales on Lake Martin.

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Lake Martin Real Estate MLS Statistics – 2007 In Review

The Lake Martin real estate market suffered a major slowdown in 2007 for a variety of reasons.  I dug through the sales results in the Lake Martin MLS to attempt to cut through the gossip and analyze the numbers.

In 2007, the number of Lake Martin waterfront homes sold was about 35% less than in 2006.  2006 was about 17% less than the peak of the sellers’ market in 2005:

MLS sales figure 04-07 cropped scrn print ifin

Witness the Transformation From Sellers’ to Buyers’ Market:

In 2006 and 2007, the number of Lake Martin waterfront homes that were added as new listings to the market out paced those that were actually sold every month.  Therefore sales inventories ballooned, and this 24 month period proved crucial:

MLS monthly stats 06 and 07 screen print 2

More Analysis Of Waterfront Homes Sold in 2007:

153 Lake Martin homes sold in 2007.  Of those, 114 were homes and 39 were condos.  Of the 153, 142 were deeded lot homes and 11 were leased lot homes.

Prices of Homes Sold in 2007:

Of the 153, 13 homes were listed as having sold at $0.  This happens sometimes.  Most of the time it is at the request of the seller.  A minority of people don’t want “their business” on the MLS.  Sometimes it is a builder that doesn’t want to publish how far he dropped the price.  So the below statistics will only deal with the 140 that sold and published prices:

2007 sales breakdown print screen irfan

The most expensive home sold was for $3.88 million in The Ridge.  The lowest was a manufactured home on a leased lot in Pleasure Point for $25,000.

LOTS:

Sales of waterfront lots on Lake Martin were also affected in 2007.  In total, 37 lots were sold in 2007, as compared to 55 in 2006.  The monthly sales numbers are:

Lake Martin waterfront lot sales 2007

As the numbers point, out, now is a great time to buy Lake Martin waterfront real estate.  Do you need help finding the best deal? Let me show you around..

Or do you own Lake Martin property, and are wondering how all of this news affects your particular situation?  Call me, I will be glad to give you an idea of how the changing real estate market will translate to your bottom line. No cost, no pressure, no kidding.

Still curious about Lake Martin real estate statistics?  Leave a reply below and suggest how you would like me to slice and dice the numbers.

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 sales on Lake Martin.

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