Why do people love living by the lake? For one thing, those breathtaking views! Not to mention, being able to boat, fish, and relax by the water. And of course, we can’t forget the fact that every day feels like a vacation. Add all those reasons together, and we’re not surprised with this latest news. That’s right—Lake Martin waterfront inventory is at an all-time low. Keep reading for details!
What does the data show?
Sixty-two Lake Martin homes were listed for sale as of Oct 22, 2021. That’s a historically low number. Just to give you an idea of how small it is, it means that you will only find one home on the market for every 12 miles of waterfront property.
The Alabama Center for Real Estate (ACRE) also had some important data. In September 2021, there were 33 waterfront Lake Martin homes on the market. That represents a 41.1 percent drop from the 56 Lake Martin homes available in September 2020.
An overall trend
Additionally, ACRE’s findings noted that by this time last year, there had been a total of 308 Lake Martin waterfront homes on the market in total for 2020. During 2021, that number has dropped by 29.2 percent. This year, only 218 Lake Martin homes had hit the market as of the end of September.
What does it mean?
Low supply plus high demand means a rise in price for the available Lake Martin waterfront homes on the market. From September 2020 to September 2021, both the average and median sales prices have increased.
The average sales price went up by 13.5 percent to $911,482. Meanwhile, the median sales price went up by 26.1 percent to $783,500.
Summary
Maybe you want to capture an exceptional offer. Or, you want to snap up a home as soon as it hits the market. Now, you have info on the latest lake real estate trend: the fact that Lake Martin waterfront inventory is at all all-time low. So, use this as a sign to take the plunge!
Dreaming of days spent at Lake Martin? Don’t despair after the news about available inventory. After all, you have a knowledgeable Realtor ready to help you! So, contact Ryan Roberts here. Plus, he can also assist you with all your real estate needs in the East Alabama area too! Last but not least: check out our blog for more on the market.