April 2023 Lake Martin Market Report - Lake Martin Voice - Lake Martin Real Estate - Waterfront Homes, Lots, Property For Sale

April 2023 Lake Martin Market Report

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The Lake Martin Alabama waterfront real estate market is in a critical time right now. You only need to look at the April, 2023, sales to see that.

If you are considering selling your Lake Martin home, lot or condo, pricing is more important now than ever. I am seeing waterfront property owners make some pretty critical mistakes right now, as the numbers below will demonstrate.

If you own waterfront or near the water property on Lake Martin, I am happy to talk with you and provide you, free of charge, my comparable market analysis  LINK TO BALLPARK  CMA HERE or please call or text 334.221.5862 or email me here.

If you are thinking about buying at Lake Martin – realize this market is in flux for you, too. I recently witnessed a buyer (not mine) pay about $200,000 too much for a waterfront home. My theory is that they had neither good information nor good advice.

There are three things that I thought were extinct in the real estate market at Lake Martin:

  1.  Price Drops (or price improvements as some realtors like to say) are in the Lake Martin MLS
  2.  Commission Bonuses are being offered to buyers’ agents
  3.  Open Houses

You might not be able to see these in the sales numbers. The above 3 things are my observations as a real estate agent that works Lake Martin every day.

But, the numbers for Lake Martin waterfront home sales and waterfront lot sales back up my gut feelings:

The number of waterfront home sales year to date through April 30, 2023, were 69 as compared to 82 at the same point last year. That’s down 16%. So why are sales down? Is it still because inventory is low?

No, in a word.

Inventory year to date was 108 waterfront homes for sale. For April of 2022, there were only 81. The trend shows that home sales are down and inventory is up.  Sure, we are still below our 5 year average, but the trend is going up.

Waterfront lot sales on Lake Martin, Alabama, through the end of April 2023 totaled 18 as compared to 39 in the same time last year. That is a decrease of 46%.

Does this mean that the sky is falling and that prices will be cut in half? I doubt it. Remember, the last time the Lake Martin market experienced a downturn, the same thing happened. In 2008 we did lose values but much was related to the banking industry and all that went with it. This time around, I predict a slight decrease, not the bottom falling out.

What Lake Martin sellers are feeling is the lack of a 20% annual increase to which they have become accustomed.

If you think you might want to sell in the next 12 months, now is the time to start planning it, so you don’t have a major misstep. Please take advantage of my seller tools LINK TO BALLPARK  CMA HERE or please call or text 334.221.5862 or email me here.