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Market Report
Property sales surge


Published: 05.29.2024

Gross dollar volume of closed residential sales took a noticeable uptick over the last year thanks to the welcomed addition of newly listed properties. This was revealed in the sales data for the most recent 12-month period, ending in April of 2024, as compared to the same period in 2023.*

For much of 2023, the market on Lake Martin had been a bit sluggish due to the lack of inventory of available properties for sale. The lack of inventory was due to the inability of local builders to add speculative inventory while building the many custom homes under contract and many current homeowners being unwilling to part with their lake place.

Life is returning to normal, and as additional inventory comes on the market, sales increase. The data below tells the story.

Residential Waterfront

Including houses, condos, and townhomes

  • Volume – up 14.7% to $307,310,997
  • Property sales – down 2.7% to 248 sold
  • Average price – up 18% to $1,239,157
  • Number of properties on the market – up 77% to 145 properties

Single-Family Detached Waterfront

  • Volume – up 18.8% to $287,809,597
  • Property sales – up 5.5% to 211 sold
  • Average price – up 12.6% to $1,364,027
  • Number of properties on the market – up 51% to 112 properties

Waterfront Lots

  • Volume – down 2.8% to $63,665,659
  • Property sales – down 4.4% to 87
  • Average price – up 6.6% to $731,789
  • Number of properties on the market – up 39% to 57 properties

The results listed above, especially related to volume and unit sales, are a surprise to the upside. We anticipated that we would not see this large of an increase in volume, or an increase in properties sold (single-family), until later in the season. The additional inventory had an impact in late fall 2023 and on early-season sales this year due to pent-up demand.

We expect this upward trend for sales volume that began during the summer of 2023 to continue the climb (see chart below). The question for us to ponder is, “How long will it take for the market to return to the sales volume highpoint of 2020-2021?” We will keep an eye on the data and report monthly. Stay tuned.

 

 

*Our most recent summary of sales data for the 12-month period ending April 30, 2024, was derived from the Lake Martin Area Association of Realtors Multiple Listing Service.

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