Do these frigid days have you longing for those slow days of summer when your biggest decision was what kind of bait to use? Check out these four key points from Lake Martin’s November 2022 Residential Report and decide if now is a good time to fish for a waterfront property!
Inventory is up.
Year-over-year figures show a 49.2% increase in total properties listed for sale in November 2022. In November 2021, there were 63 waterfront residential units for sale. This November, the total jumped to 94.
This is good news for buyers searching for the right lake house for their needs and wants. More inventory means more choices!
Lake listings are spending less time on the market.
Inventory may be up, but days on the market are going down. Year-over-year figures show lake listings are spending less time on the market.
On average, in November 2022, properties spent 65 days on the market versus 142 days in November 2021. That’s a whopping 54.2% decrease from one year ago!
Averages sales prices continue to rise.
Here’s one of the key points from Lake Martin’s November 2022 Residential Report that’s geared toward sellers! We all like hearing that we’ve made a wise investment.
Average sales prices reached $873,469 in November 2022, compared to $743,619 in November 2021. That’s a 17.5% increase in just one year!
Median sales prices are up too.
When we take the middle figure out of last month’s sales prices, we get $808,000. Looking back to November 2021, the median sales prices for waterfront homes was $634,750.
You’re looking at a 27.3% jump year-over-year.
Summary
Life on the lake is always an adventure. If these key points from Lake Martin’s November 2022 Residential Report have you ready for a new one, drop Ryan Roberts a line! From Lake Martin to Lee County, he’s your East Alabama real estate guide. For more industry insights and trends, keep reading our blogs.
