Last year, 2020, was a record breaking one for Lake Martin, Alabama, real estate and just how big continues to shock me.
A total of 482 waterfront homes were sold in 2020 on Lake Martin while at the same time we had an extreme drop in inventory (homes for sale) – about 42% below the average for 2019.
This created the big pricing pressure at Lake Martin with huge increases in quantity demanded and a huge decrease in quantity supplied. It was like trying to buy toilet paper in April, 2020, if y’all remember what that was like. Everyone was panicking and buying toilet paper and there were none on the shelves anywhere.
What was the record waterfront home sale price at Lake Martin in 2020? How many waterfront lots sold under $200k? I get a lot of questions about this so I tried to lay out the answers in the above video.
The top sales price for a waterfront home at Lake Martin in 2020 was $5,000,000. The second highest sale price was $3,000,000.
The inventory went down in waterfront lots more than in homes – there was a 76% decrease from the five year average. Waterfront lot sales increased 146% in 2020 from the prior year. So it was a far more incredible increase in lot sales than home sales in 2020, if you can believe that. I barely can.
What is the average sales price of a waterfront lot at Lake Martin? Between $200-300k. A total of 33 lots or 23% of the market were sold in this price range. Lots sold for under $200k totalled 28 in 2020.
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.