Articles & News
Average price reaches new milestone
Lake Martin’s hot streak continues with a key metric reaching a new milestone. Each month, we pull sales data from the local Multiple Listing Service for the most recent 12-month period and compare that data to the same period the previous year. Dating back several years, the report has given Lake Martin property owners great news!
According to the 12-month period ending March 31, the news just got better. For the first time ever, the average sales price for a single-family lakefront home hit seven digits. The 280 properties sold during that period had an average sales price of $1,004,237. That is an increase of 21% over last year when the average price was $830,246.
This average price was driven by the sale of properties over $2,000,000. The gross dollar volume of sales in this category of property sales increased 127% over the same period last year. Lake Martin has clearly become one of the preferred recreational destinations in the Southeast, as can be seen in a deeper dive into this price point.
For the same period last year, there were nine property sales over $2,000,000, with a total sales volume of $24,570,000. This year’s report tallied 20 property sales over $2,000,000, with a total volume of $55,873,750. Clearly, this top end of the market aids in driving the overall market metrics.
Low inventory continues to be a drag on the market
For well over a year, inventory levels can best be described as anemic. Currently, there are under 60 waterfront residential properties listed in the local MLS (49 single-family and 10 condo/townhouse). Of that number, 15 are under contract in due diligence awaiting a firm closing date. Given our current sales pace, that is only a 2.1-month supply of “for sale” property. With 880 miles of shoreline, that leaves potential buyers a small selection over a broad area.
This virtually assures that a properly priced property will sell quickly. Over the last year, 365 properties were place into the local MLS. For that same period, 352 properties sold. In a normal market, that would be more like 700 properties placed in MLS and 350 properties sold. So, the recent stats tell us that properties will not require a long marketing period (likely selling early this season) and that prices will likely continue to climb, at least for the foreseeable future.
What to look for
We think property values are going to continue to increase. There are two key drivers that influence this belief. The first is that there is a steadily increasing demand for lake property coupled with a very small supply of available property for purchase.
The second reason is developers continue to add amenities and ownership opportunities. For instance, the Fanny Goldmine Diner, due to open late summer, is a much-anticipated dining venue coming to Russell Crossroads. This, in addition to SpringHouse and Catherine’s Market, makes Crossroads “the hub” of the central part of Lake Martin.
Wicker Point Golf Club is a world-class private golf club and the centerpiece to The Heritage, Russell Lands’ newest master-planned community. In addition to Wicker Point Golf Club, The Heritage Lake Club will be a resort-style waterfront complex with event space, fun, fitness, swimming, tennis, and pickleball for The Heritage property owners.
We believe the most recent data is telling us that demand for Lake Martin continues to grow, and new amenities like those noted above will lead to ever-increasing property values on Lake Martin. If you would like to find out more about the market and the opportunities of property ownership here, give one of our Realtors® a call today.