The Lake Martin waterfront real estate market is rather seasonal, as you may imagine.
Most of our market’s sales happen between March and October, so when a new calendar year rolls around we must pause to see what’s going to happen when spring gets here.
So far, 2010 has seen very strong sales* of waterfront homes. The first 4 months of the year are on pace to beat 2009, and individual months have beaten the same month in the prior year three out of four times:
If you add the monthly numbers together to see how it looks versus prior years on Lake Martin, you can see that we are already ahead of the “comeback year” of 2009.
This is an early indication that buyers maintain confidence that the bottom of the market was in 2008.
However, it is still early for sellers of Lake Martin waterfront homes, lots, or condos to rejoice. There is still a lot of inventory for sale right now.
The above graph is for lake homes, but the story for waterfront lots is even worse. I recently calculated that Lake Martin has about 10 years worth of inventory on the market right now. In other words, at current sales rates, it would take 10 years for the demand to absorb what is for sale right now, assuming nothing new came on the market.
The result is a rather unique time in a the natural real estate sales cycle. The number of homes sold is ramping up. Demand is increasing; this is undeniable. But, prices are still under a lot of pressure because there is so much for sale.
Lake Martin Real Estate Sales 2009 – Waterfront Lots
Lake Martin Real Estate Sales 2009 – Year In Review
Lake Martin Real Estate Sales 2008 – Year In Review
Lake Martin Real Estate 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.