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:
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:
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:
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.
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:
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.