Market Report

Surprise to the upside

Normally, as we move from summer to fall and winter, we expect sales activity to decrease. That was not the case as we look at the sales activity for the last 12 months (ending on October 31, 2024) as compared to the data we reported last month. Total sales volume actually increased by $21,830,445 over the 12-month period ending on September 30, 2024, that we reported last month.

Unit sales, average price and median price all increased as well. Other than the beautiful fall weather and the increased lake levels, there does not appear to be any significant reason for the increase in sales activity.

The increases are significantly higher than last year’s activity as well. The key data points are below:

Key Data for the 12-month period ending October 31, 2024, versus the same period last year:

• WF Residential volume up 14.2% to $316,374,362 from $277,037,064 last year
• WF Residential property sales up by 14 properties to 255 units from 241 last year
• WF Residential sales price up 7.9% to $1,240,684 from $1,149,531 last year
• WF Residential median price up 9.5% to $990,000 from $904,000 last year
• WF Lot volume up .03% to $59,795,260 from $59,602,250 last year
• WF Lot average price up 12.2% to $786,780 from $701,203 last year

Market fundamentals remain healthy

Inventory, while much improved from 2022, is still well below historic norms. The current inventory of residential properties for sale is just 138 properties, well below the number of sales for the last year (255). That means that, at the current pace, we will be out of available inventory in just over 6 months.

The sales-price-to-list-price ratio is healthy at 96.2 percent (a property listed at $1,000,000 would sell for $962,000 on average). That indicates that sellers are negotiating a little bit more than in 2021, when the rate was 98.1% but still well north of a “buyer’s market.”

The upper end of the market (property sales above $1,250,000) accounted for 56% of the total dollar volume of property sales. This upper end of the market continues to pull property values into the “plus” category.

What to look for

We expect the winter months will likely be slower than the last 30-to-60-day period, as is usual for Lake Martin. However, we expect that, if the Federal Reserve continues to reduce interest rates, more people will be able to afford a lake property.

If you want to hear the latest news on the lake market and available properties, please reach out to one of our Realtors^® today. They will be happy to keep you informed about opportunities on the lake.

Note: The metrics above are based on an analysis of sales information derived from data pulled from the Lake Martin Area Association of Realtors^® MLS for the period of November 1, 2023, through October 31, 2024, and compared to the same period last year.