What happened to waterfront real estate sales and inventory on Lake Martin, Alabama in the month of March?
Compared to the prior year in March 2018 there were 29 waterfront homes sold on Lake Martin. For the month of March 2019 there were 31 sales – about a 7% increase. Good news!
If we take a look at the five year average for sales in the month of March which is about 30 home sales, we are beating our five-year average by about 4%. More good news!
Looking at the end of the first quarter of 2019 there were 55 homes sold. For the same time period in 2018 there were 57 home sold. Our five-year average is 60 homes sold. We are about 8% off of our five-year average.
Keep in mind that our first quarter is not a big quarter at the Lake. The market moves much faster in the second quarter.
Just so you know, I am getting my numbers from the Lake Martin Multiple Listing Service. These sales figures include all sales by all member agents, companies, and brokerages.
Another number I like to take a look at is inventory. Looking at 2015 there were 358 waterfront homes for sale on Lake Martin. In 2016 that number went down slightly; in 2017 that number went way down. Remember that 2017 was a really hot sales year and a lot of our inventory was depleted. For 2018 the inventory dropped to 252. How about 2019? We have about a 15% increase from the prior year – there are now 289 waterfront homes for sale.
I expect sales to tick up for April because we do have more homes in the market. So more good news!