Articles & News
Lake values continue ascent
Recent sales data contains great news for Lake Martin property owners. Property values are continuing the climb that began in 2019. Data derived from the local Multiple Listing Service for the last 12-month period ending on June 30* indicates a healthy year-over-year increase for waterfront residential properties.
Residential sales (properties including single-family, condos, and townhomes) for the last 12-month period averaged $1,129,020 versus $955,991 for the same period the previous year, an increase of 18.1%. This increase was aided by a sharp 9% monthly increase over the 12-month period ending on May 31, 2023, when the average price was $1,039,105. That is a significant gain on a month-over-month comparison.
Single-family waterfront homes reached a record high average price of $1,294,144 in our recent report as well. That was an increase of 16.8% over last year and 6% over last month’s report. This is an impressive result given the rapid increase in interest rates over that same period of time.
Usually, increased interest rates tend to cool off the real estate market. While there are signs that higher rates are having an effect on sales prices nationally, Lake Martin has outperformed the national market. Continued steady demand for lake property, coupled with low supply, continues to drive values higher.
Waterfront lots notch impressive increases
The low inventory levels for available residential property, with only 99 waterfront properties available on June 30, have increased demand for waterfront homesites. The 12-month sales volume increased 30.3% over the previous year, rising from $50,415,135 in sales to $65,666,007. The average sales price increased 56.6% to $698,575.
There are three interesting metrics related to this category as well. One is that there is a very limited supply of waterfront homesites with just 55 properties available as of June 30. The second is that the average selling price is 101.3% of the average listing price. That is due to multiple offers on premium sites.
The third is that the average DOM (days on the market) is a record low for Lake Martin at just 91 days. Usually, the DOM for residential category is significantly lower than that of the lot category since a house or condo is ready for immediate use. Currently, the residential category is registering at 89 days on the market, just two days fewer. Agents tell us that, given the higher average price, some buyers are opting for a custom-build project to get exactly what they want in their lake place.
We have noted that newly listed single-family properties in certain price categories, such as the $1,250,000 to $1,500,000 range, are still selling very quickly, and most importantly, often with multiple offers. We have also noticed how, at least in Russell Lands neighborhoods, that sales are occurring in the $3,000,000 to $6,000,000 range more frequently.
Given the addition of new, high-quality amenities, such as Fanny Goldmine Diner and Wicker Point Golf Club, the lake is more popular than ever. That increased popularity is not surprising for those of us who have been active on the lake for some time.
For those who would like detailed market information, available properties, and updates on The Heritage and Wicker Point Golf Club, please reach out to one of our Realtors®.
*Sales data for this report was compiled from information accessed from The Lake Martin Area Association of Realtors® Multiple Listing Service.