Lake Martin waterfront real estate sales had another great month in June 2009. Defying most national trends, we have seen a modest rally this summer at Lake Martin.
According to the Lake Martin MLS (comprised of all Lake Martin realty offices, brokers, and agents), 24 waterfront homes and condos sold and closed in the month of June 2009. This is the best month of sales since March of 2007, when we sold 25.
We also DECIMATED June 2008 – when only 7 sold. I guess my headline could have read:
While it’s accurate, it is not very intellectually honest to focus on one month, I think.
The recent sales trend is even more impressive (statistically) to me to look at the above graph, which shows total sales for the year to date. Through June 30, we have sold 77 homes on Lake Martin in 2009, as opposed to only 57 in January – June 2008. That’s a 35% increase! To me, that is significant.
We Lake Martin realtors are on track to sell more homes in 2009 that we did in 2008. Will we beat 2007? I think we have a decent chance. Will we beat 2006’s total of 235? Doubtful. But to put the current month’s sales of 24 in perspective, the most waterfront homes that have ever sold (as far as I can tell) was 37 – and that came in the seller’s market peak year of 2005, in April.
((Sidebar: Study the above MLS sales history for Lake Martin. How many people do you think realized in 2004 that they were experiencing the second best waterfront sales market, and that 2005 would be the peak? Not me. By the time we figured out how “hot” the Lake Martin market was, it was 2006, and already headed down. How long will it take for us to properly interpret 2008?))
So what’s selling?
A natural question. I think the above chart shows us that in 2009 the Lake Martin sales are slightly more heavily weighted at lower prices, with the bulk at $200k – $399k.
The Crowne Pointe condos have been selling well this summer. In fact I have been and am helping several buyers here (disclosure, I’m not the listing agent, ERA Lake Martin Realty is).
Have these condo sales unfairly inflated 2009’s numbers?
Not really. Through June 30, 2009, only about 29% of the waterfront sales on Lake Martin were condos as compared to 21% last year. However I do think that July 2009’s numbers will be affected by Crowne Pointe sales. Give them credit, Crowne Pointe is a great example of a seller that has adjusted their price and the market has reacted. Sure, current sales prices are half of what was offered at the peak, and people that paid over $500,000 for one might be wistful. But buyers of 2 bedroom units for $199,000 and 3 bedrooms for $319,000 are snapping them up.
My advice is to make your move now on Crowne Pointe, call me if you are interested.
I predict that Lake Martin real estate sales will be strong again in July 2009, judging by what has already closed at this writing, and knowing what will close in this month. Every month we have of strong sales increases my confidence that we might be at the bottom, and looking up.
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.