Summer beckons! Whether you want to spend it at your new lake house—or you want to bask in the glow of your growing property value—these stats may bring sunny days. So, if you’re considering kicking it lakeside, check out Lake Martin’s March 2021 Residential Report from the Alabama Center for Real Estate (ACRE).
Rising Residential Sales
In the past year, ACRE has noticed a 15.2 percent growth in Lake Martin residential sales. Residents sold 38 homes in March 2021—up from 33 in March 2020.
Less Time on the Market
Just in: Lake Martin’s March 2021 Residential Report shows homes are spending less time on the market. During March 2021, Lake Martin homes took an average of 108 days to sell. That’s 53 days fewer than the March 2020’s average of 161 days. So, if you want to buy, act fast!
Drastically Growing Median Sales Prices
If you purchased a Lake Martin home several years ago, you made a brilliant investment. In March 2016, the median sales price stood at $449,900. Then, in March 2020, it reached $580,000. A year later in 2021, the median sales price is a whopping $702,000. That represents a single-year growth of 21 percent and an overall growth of 56 percent.
Average Sales Prices Also Reveal Growth
Recent numbers reveal that the growing median sales prices track with the rising average sales prices. Back in March 2016, the average sales price was recorded as $555,839. Several years later during March 2020, the number hit $686,573, followed by a $718,969 price in March 2021. Overall, the percentages reveal a single-year growth of 4.7 percent and an overall growth of 29.3 percent.
Supply and the Market
Wondering how many homes sat on the market in March 2021? A total of 97! That volume is down significantly from March 2020, which featured 236 homes for sale. For those who want to sell, you may have a stronger position right now.
Summary
Sure, you love summer—but wouldn’t you love it more at Lake Martin? If Lake Martin’s March 2021 Residential Report have convinced you to take the next step, Ryan Roberts can help. Contact him today to find your home sweet home! Plus, if you want to cast a wider net, he also has experience buying and selling in Auburn and Opelika as well. Finally, for more on local real estate, events, and spotlights, check out our blog here.
