Please take a look at my above video. I am John Coley. I am a real estate agent with Lake Martin Voice Realty and this is my May 2020 Real Estate Market Report for Lake Martin, Alabama.
If you are a seller or you own property at Lake Martin, now is probably the best time I’ve seen in ten years to sell.
The big story at Lake Martin is the lack of inventory and sales are up!
We’ve been in the corona period for about three months – how has that affected Lake Martin real estate? We were already in a seller’s market and the coronavirus just threw gas on the fire. We have gone from a seller’s market to a hyper seller’s market.
In 2019 year to date, the entire Lake Martin sold 122 homes – this includes all agents and all brokerages. Year to date for 2020 we have sold 130 which is an increase of 7%.
Inventory for last year (which was the #1 year of sales) we had 317 waterfront residences for sale. This year we have 212. Inventory is down about 33%.
So there is a huge 40% swing between demand and inventory making the market feel constricted. This busts the corona myth that there must be a lot of deals right now because everyone is panicking.
The five year average for home sales in May is 36. For 2020 there were 38 home sales in May so we are actually 5% above our five year average for the month of May.
What is the average sales price of homes at Lake Martin? It has been homes in the price range of $500k – 750k.
What are some trends I am seeing at Lake Martin?
If you would like to reach out and talk to me, I’m John Coley with Lake Martin Voice Realty. I do this for a living – I’m a full time realtor here. This is all I do. I don’t have any other side jobs and am not smart enough to keep up with any other real estate market. I’m 100% and 12 miles deep at Lake Martin, Alabama.
I’d love to help you find or sell your Lake Martin property! Just give me a call! 334.221.5862.