Market Report

Boring can be a good thing

One of the great things about coming to Lake Martin is that the pace of life is so much slower. We frequently hear from our customers, “My blood pressure goes way down as soon as I turn on to Highway 63.” Lake Martin for sure is a getaway place compared to the frantic city pace. You might say people embrace our simpler, almost boring, pace here.

One might say the same thing about the real estate market here. For several months now, our data has been trending slightly up in a remarkably similar pattern. It’s almost boring, but like the lake life, boring in a good way. Everything is headed up.

We keep looking for a significant blip on the radar, like significantly more inventory or potential weakness in the market as seen in some areas of the country. But honestly, the story is about a market that continues to show stability coupled with modest and steady growth.

The summary below is compiled from the sales data for the 12-month period ending on February 28, 2025, and comparing that to the same period last year. All of the metrics we monitor for the market show improvement. The fundamentals support increased improvement, especially if some improvement in mortgage rates materialize. (Mortgage rates have improved since January 2025.)

Prices have continued their nearly six years of increases, a trend not seen before. While additional “for sale” inventory has come on the market, providing more opportunity, we are still well below the historic inventory levels of 2015 through 2019. Current inventory of available properties sits at 113 waterfront residential units compared with 95 last year; that translates to just a 5-month supply at the current sales pace.

As a fast snapshot, look at the key data points listed below:

Key Data for the most recent 12-month period ending February 28, 2025.

• WF Residential sales volume is up 12.8% to $339,677,096 from $301,056,546 last year.
• WF Residential property unit sales up 5.5% to 267 units from 253 last year
• WF Residential average sales price up 6.9% to $1,272,199 from $1,189,947 last year
• WF Residential median price up 4.3% to $965,000 from $925,000 last year
• WF Lot volume up 6.9% to $65,873,251 from $61,599,159 last year
• WF Lot average price up 15% to $823,416 from $716,269 last year

As noted above, while there is more inventory available for sale, it could evaporate quickly.  Without a significant influx of newly listed or built homes, that will reduce the number of available properties this summer below demand, which could result in an increase in prices.

The sales-price-to-list-price ratio is healthy at 95.8%. This ratio predicts that, on average, a listed property will net 95.8% of its asking price. Just four years ago in 2021, this metric peaked at 98.1%, causing multiple bids on properties. This lower ratio predicts a more leisurely pace of marketing time from when the property enters the market until it goes under contract.

What to look for

While it has been a bit “boring” lately, we are at the start of “lake season.” Lake levels are increasing, temperatures are rising, and trees are beginning to bloom. That brings lots of excitement to the market for sure. I guess it is time to get out of our winter mode, get the boat ready, and head to the lake.

To stay abreast of the latest news on the lake market and new property releases, 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 March 1, 2024, through February 28, 2025, and compared to the same period in 2024.