Lake Martin waterfront home sales stalled in September 2010. Only 14 homes were sold through the Lake Martin MLS*, as compared to 24 in 2009 and 20 in 2008.
If you add this month to the previous year to date total, what does that tell us about the Lake Martin real estate market as a whole? We see that number of homes sold so far through September 30, 2010, is 158. This puts 2010 slightly behind the Sept. 30, 2009, number of 162.
The good news is that it puts 2010 far ahead of the entire 12 months’ worth of sales in 2008 and 2007, thus ensuring us against the fabled, never-seen, yet dreaded, double dip.
If we compare this month’s waterfront home sales to the same month last year, we see that 2010 has been on a losing streak. We have had 5 straight months of either losing to (4) or tying with (1) 2009.
Should we be worried? Is this a legitimate trend now? I mean, come on. I used this graphic to prove that the Lake Martin real estate market had bounced back in 2009. Shouldn’t it now show us that we are headed back downhill after 5 “lousy” months? Let’s be honest!!
I don’t think so.
The main reason is that I am writing this Market Report for September so late (November 2). I have the luxury of looking at waterfront property sales results for October 2010, which tells me that October is going to be a really big month. Probably the best October in 4 or so years. If preliminary indications hold, it will be so much better than October 2009 it will just about erase the last 5 months’ lukewarmness. In fact, it may put 2010 in position to beat 2009 when it’s all said and done on December 31.
I hate to call a downward trend when we are still beating prior year.
I guess many September scheduled closings have been pushed to October due to lending red tape and inspections. I know that personally I have been blessed to have signed more business (closings and listings) this fall than ever before.
The number of waterfront homes for sale in the Lake Martin MLS decreased again this month. No surprises here, it’s a seasonal thing. I am considering publishing this chart only once a quarter, or near peak or trough times. I don’t think it’s necessary to mention each month.
As I have said in countless disclaimers, I take all of my sales numbers from the Lake Martin Area Association of Realtors’ MLS. Each sale must be recorded and reported by the listing agent. That means if you have a closing on September 30, the sale will show as a status of “Pending” until the agent goes into the MLS and changes it to “Closed.”
Many times it takes a couple of business days, if not weeks, to do this. That’s why I try to wait at least until the 15th of the next month before I do a Lake Martin Real Estate Market Report. Granted, for this month (September 2010) I waited a lot longer than that. Sorry.
Be on the lookout for the October 2010 report sometime the week of November 15 – 19, 2010.
Lake Martin Real Estate Sales – June and July 2010
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
All Lake Martin Market Reports
(*)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 waterfront sales on Lake Martin, Alabama.