With boat waves and sun rays, it is no secret that life is better at the lake. But is now the time to make your dream lake house a reality? Let’s take a look at some Lake Martin real estate trends from July 2022.
Inventory is up
If you are looking for a waterfront property, you will be happy to hear that inventory is starting to climb. In July 2022, there were 118 homes on the market, up from the 105 homes in July 2021–a 12.4 percent increase.
While the inventory seems to be there, the area has surprisingly reported a lower number of homes being sold compared to the previous year. Lake Martin waterfront home sales totaled 31 units for July 2022, which is down 20.5 percent from the 39 units sold in July 2021. But with inventory going up, why is that?
Average sales prices have skyrocketed
As the supply of Lake Martin waterfront lake homes has gone up, so have the price tags. The average sales price for waterfront homes on Lake Martin during July 2022 was $1,182,183, a 45.2 percent increase from one year ago. This is the highest average sales price we have seen for lakefront property in the last five years.
Average number of days on the market has risen
The average number of days on the market has also seen a rise. In July 2021, waterfront homes were spending an average of 71 days on the market, whereas in July 2022, homes were seeing an average of 86 days on the market–a 21.1 percent increase.
Even though these Lake Martin real estate trends from July 2022 have favored the seller, don’t lose hope just yet, buyers. With improved supply and demand cooling down, we can anticipate that price appreciation may soon begin to slow.
Summary
These Lake Martin real estate trends from July 2022 tell us that the current housing market is one that may prove challenging for some buyers. However, the fact that supply is up and the demand is slowing proves promising for those desiring a shift to a buyer’s market.
Be on the lookout for our analysis of Lake Martin’s August housing stats coming soon!
Are you ready to commit to your dream lake house? Contact Ryan Roberts, your local Lake Martin property expert, today! To stay up to date on the latest housing market trends, real estate news, and local events, continue reading our blogs.
