I was honored recently to discuss the unique real estate market at Lake Martin with Stuart Norton of the Alabama Center for Real Estate (ACRE).
Lake Martin has two very different real estate markets – “waterfront” and “off the water.” Being surrounded by small towns such as Alexander City and Eclectic makes our market a rural market.
About 80% of our homes are second homes with many homeowners from Georgia. Being close to Auburn, Montgomery and Birmingham makes Lake Martin easily accessible for many Alabamians too.
The shoreline is only about 30% developed with the majority of the land being owned by two landowners – Alabama Power / Southern Company and Russell Lands.
It is easy to get away from crowds at Lake Martin which has made it ideal for social distancing during the coronavirus pandemic. Lake Martin has had an early launch to lake season!
March 2020 sales were higher than March 2019 with 2019 being the best year ever for sales on the lake. We are in a classic seller’s market with inventory down and sales up. I expect us to have lower sales in April, May and June with a peak in July and August.