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Market Report
Firing on all cylinders


Published: 06.25.2024

Waterfront property sales have reignited a hot streak (pun intended) after the increase in available inventory over what was available at this time last year. As usual, we have pulled data for waterfront sales for the most recent 12-month period, ending in May of 2024, as compared to the same period in 2023.*

The story for most of 2023 was that the sales volume and the number of waterfront properties sold on Lake Martin were lower than 2020-2022 due to the lack of available inventory. People were reluctant to sell because they are either unwilling to part with their lake place, they hated to give up a 3% fixed-rate mortgage, or they could not find a replacement lake home. What we have observed is that life goes on. Some people need to sell due to life situations, or the additional inventory provides opportunities for a larger, smaller, or newer lake home.

Since life is returning to normal, sales are on the increase. The data below tells the story:

Residential Waterfront –
Including houses, condos, and townhomes

  • Volume – up 28.9% to $328,041,141
  • Property sales – up 6.9% to 262 sold
  • Average price – up 20.5% to $1,252,065
  • Number of properties on the market – up 84% to 169 properties

Single Family Detached Waterfront

  • Volume – up 35.2% to $307,795,341
  • Property sales – up 19.1% to 224 sold
  • Average price – up 13.4% to $1,374,086
  • Number of properties on the market – up 34% to 128 properties

Waterfront Lots

  • Volume – up 4% to $68,086,659
  • Property sales – No change – 91 versus 91
  • Average price – up 4% to $748,205
  • Number of properties on the market – up one unit to 54 properties

The results listed above are not surprising given the amount of pent-up demand our Realtors® were reporting during the winter and early spring period. We are pleasantly surprised that we have seen this rebound so early in the summer season, especially in single-family. The only sluggish section of the waterfront market has been in condominium and townhome sales which have underperformed compared with single-family homes.

We expect this upward trend for sales volume to continue the climb that began during the summer of 2023 (See Chart below). The question for us to ponder is, “How long it will take for the market to return to the sales volume highpoint of 2020-2021?” Based on the chart below, that may occur sooner than we earlier expected.

 

 

Our Realtors® stay on top of the market. If you want expert advice and guidance on Lake Martin, contact one of them today.

 

* Our most recent summary of sales data for the 12-month period ending May 31, 2024, was derived from the Lake Martin Association of Realtors Multiple Listing service.

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