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Lake Homes in Demand
What is your lake home worth?
Owning waterfront property on Lake Martin might be the best performing asset in an individual’s portfolio. Current thinking is that, due to COVID-19, property on the lake may be headed for a downturn. Since March 1, 2020, the reverse appears to be true. Recent sales activity is equal to this same period last year while additions to available inventory have all but dried up.
This trend follows a 12-month period that witnessed a 26.8% increase in sales volume for residential waterfront property on Lake Martin. This volume resulted in a $47,500 increase to the median residential waterfront property on the lake as compared to the same period last year.
This increase in sales volume and median prices normally results in sellers sensing that the current market might be a good time to sell. The reverse is true right now. Inventory for all waterfront property is 41% lower than this same time last year. Equal demand plus lower inventory usually means higher prices. Few are taking advantage of this opportunity.
How much is your lake property worth?
With the large number of recent sales and with a fairly sizable interested buyer pool (likely due to the attraction of social distancing at Lake Martin), we have ample data coupled with buyer interest to give you a fair assessment of value.
When we set a market price, we study the most recent sales, the current pool of competitive properties, and properties that did not sell in order to give an accurate picture of value. With so many sales over the last several months, we can find good comparable sales to judge today’s value. That is important since the market appears to be moving up. Recent sales volume gives us a current picture of today’s value.
Complimentary Market Analysis offering
Our team of Realtors® at Lake Martin Realty leads the market in the sale of waterfront property over the entire lake and in every price category. The Lake Martin Realty team’s average sales price and list-price-to-sales-price ratio sets the standard for the marketplace. Please reach out to anyone on our team (check our full list of Realtors® here) to see if your property qualifies for a complimentary market analysis. Who knows, you may be able to unlock some equity in today’s surprisingly strong market!