I break down the numbers and give some predictions on what the future may hold for Lake Martin in my latest market report video. Click the red arrow above to watch!
October 2023 was an interesting month for us here at Lake Martin. Since we are a vacation home market, our sales are very seasonal. Traditionally, most of our sales are done by October, so we can have a pretty good guess on what type of year it will be for real estate sales.
The numbers of waterfront homes sold are down about 12% when we compare to the same time period in 2022. This is the third year in a row of decreasing numbers of homes sold here at Lake Martin. Usually people say, “yeah, but that is because there is nothing to sell.” Not true. Our inventory, or homes for sale, has actually been higher in 9 of 10 months of 2023 when we compare to 2022. Yes, we are still below 5 year averages for inventory, but we are trending up.
Waterfront lot sales on Lake Martin are actually lagging behind home sales. Through the end of October 2023, the numbers of lots sold are 27% lower than they were through October of 2022, with again, slightly more inventory.
The two trends I cover are the reemergence of break clauses and repair allowances. Break clauses are when a buyer has to sell their own house in order to buy the one they have under contract. Repair allowances are when sellers agree to give buyers money to make repairs.
Both of these trends are ones that are more typical in buyers markets. These trends, along with lagging sales results, are what I cite when I say that it is my opinion that we are no longer in a sellers market at Lake Martin.
If you own property at Lake Martin and wonder how this affects it, I would be glad to help out. Give me a call or text 334.221.5862.