The Lake Martin real estate market shook off a 24 month slump by posting 22 waterfront home sales in May 2009 through the MLS.
This is the highest recorded number of lake home sales since May of 2007 when 23 were sold.
This should be welcome news to sellers of lake front property, who saw sales sputter on Lake Martin in April. This rally brings 2009 total sales to 53, slightly ahead of 2008’s May to date total of 50.
Could this be a return to normalcy for the Lake, and for luxury second home markets as a whole?
It certainly is encouraging to see the current month trounce the same month last year. Year to year improvements on units sold are seen by many analysts as a critical sign of real estate recovery, and it is a statistic that I am hyper focused on for Lake Martin.
One thing that sellers did not like to see was the total number of waterfront homes for sale in the Lake Martin MLS ROSE AGAIN this month to a total of 555. I can’t find another month on record that had this many for sale. This dubious honor will no doubt keep the balance of supply and demand in the favor of buyers, for at least several months.
I am not ready to call the bottom yet. I would like to see at least three or four months in a row of slayings like this. One interesting figure is that, as of this writing, there are 34 water front homes pending in the Lake Martin MLS.
How many of these will close in June? Some are short sales and are taking a long time during the due diligence phase. Some are not short sales or foreclosures and will close in July anyway.
Right now, praise God, I have been busier than ever. I have 5 homes under contract and probably 1 will close in June. My point is, in June 2008, only 7 sold on the entire Lake.
Therefore we have a good chance that if even half of current pending sales close in June 2009, Lake Martin sales will trounce June 2008.
Hey buyers – are you going to wait around and let all the good ones get picked over? Why not give me a call and let me point you to the best deals at 350k, 450k, 550k, and beyond?
To the reader – what do you think about this rally? Is this bull market cyclical or secular? Are you ready to call the bottom? Why or why not? Please leave a comment or reply below.
For Every Post I Have Written On Sales Statistics, See:
(*)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.