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.
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:
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..
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.
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.