Articles & News
July was hot!
According to a recent United Nations research report, July was the hottest month in history. We don’t know if that report is correct, but we know that the thermometer has been steadily rising in the Lake Martin area. According to our monthly analysis of real estate sales, property values have continued to rise as well.
Every month, we pull data from sales reported by the local Multiple Listing Service. According to those numbers, the upward trend on property values that began in 2019 has continued, reaching an all-time high for lakefront single-family homes. During that time, the average has nearly doubled from $667,653 to $1,296,889, shown in the chart below.
While large segments of the country have recently seen a retreat in average sales prices due to the historic increase in interest rates, the lake market continues to edge higher. Just in the last year, the average sales price notched a 12.3% increase for a single-family lake home.
Inventory remains low—volume high
Local sales pros, while pleased with the increased values, are concerned that there are too few properties available to supply demand. At the end of July, there were only 89 single-family lake homes available for sale, a slight increase over last year’s 71 properties but only at 40% of the inventory levels recorded in 2019 (see Inventory chart below).
That low supply has led to fewer sales compared to last year and a lower overall sales volume. Despite continued short supply in inventory and lower sales volume, the last 12 months was the third-best comparable period on record (see Sales Volume chart).
What to look for
Lake Martin has been discovered as a regional destination. With the addition of new amenities like Wicker Point Golf Club and area businesses like Fanny Goldmine Diner and Publix, an already popular place will become even more popular. We don’t think we will see many people willing to part with their lake place, especially in this heat wave, so the current trends are likely to continue into the foreseeable future. If you would like to stay up to date on current market trends around Lake Martin, reach out to one of our Realtors® today.
After all, what do people do when it’s hot? They jump in the lake!