As winter thaws into spring, it’s time to take a look at Lake Martin’s February 2023 Residential Report to see how the beginning of the year fared for local lake listings and more.
Median sales prices were up year-over-year.
In February 2023, the median sales price for a waterfront home on Lake Martin was $1,200,000. In February 2022, that same figure was $601,683.
So, the median sales price increased by a whopping 99.4 percent, or $598,317, in a year.
Average sales prices were also way up.
The average sales price for February 2023 was $1,444,929, which is a 108.4 percent increase from last February’s $693,312 average sales price.
Month-to-month, there was a 107 percent increase in February 2023 from January 2023’s average sales price of $698,006.
Waterfront properties spent less time on the market.
As we continue to take a look at Lake Martin’s February 2023 Residential Report, we notice another trend.
Compared to February 2022, when lake listings spent an average of 77 days on the market, February 2023 experienced a 48.1 percent decrease with just 40 days on the market. Available homes spent about 37 fewer days on the market year over year.
When comparing February 2023 to January 2023, there is a 65.8 percent decrease in time spent on the market.
Inventory is on the rise.
Year-over-year, there was a 45.8 percent jump in listings at Lake Martin. In other words, in February 2023, there were 105 total lake listings. In February 2022, there were 72 total listings.
Looking back to January 2023, there were 88 listings, which is still a 19.3 percent increase for February 2023.
Summary
Now that we’ve taken a look at Lake Martin’s February 2023 Residential Report and reviewed the highlights, are you ready to refresh your search for the perfect lake listing? Or perhaps you’re eyeing those elevated sales prices, and you’re ready to list. Contact Ryan Roberts to get started! For more industry trends and local spotlights, keep reading our blogs.