What’s going on with real estate sales at Lake Martin? For February 2018, 15 waterfront homes were sold – that is down from 20 sold in February 2017. But looking at the 5 year average it is an increase of 15%.
Good news, bad news. We are over our five-year average but we’ve lost the two prior months in a row.
How about inventory, also known as waterfront homes for sale right now?
Inventory continues to be down. We had about 206 waterfront homes for sale on Lake Martin in the month of February 2018 and that compares to 248 in 2017. That calculates into being down 17%. This continues to be a trend with the 5 year average of 306 making February 2018 a whopping 32% below the 5 year average.
How about waterfront lots? Lake Martin had about 83 waterfront lots for sale in February of 2018. Last February we had about 102 lots for sale so we are down about 20%.
Am I worried? No, because we’re in January and February. Remember, Lake Martin has traditionally been a very seasonal market. The winter months here are not expected to be big sales. But if we see this trend happening in March, April, May, June, July – the big sales months on Lake Martin – then yes, I will start to take note.
We saw this same phenomenon happen in 2016 because 2015 was previously the greatest real estate sales year on record for Lake Martin. I call 2016 our George Foreman year because it was a great year, but not The Greatest.
I would advise to wait and look at May, June and July sales before we declare a downward trend!
If you have any questions about how this may affect your home or lot that you own on Lake Martin or if you are considering Lake Martin as your next home – please give me a call. I’d love to help you out.
Note: I also published this article on ACRE – the Alabama Center for Real Estate.