The summer days are coming… and there is no better time to spend your days at the lake! But is now the time to make that big lake house purchase? Let’s take a look at some market trends from Lake Martin in March 2023 compared to those from March 2022.
Inventory has risen significantly
Comparing last year to this year, Lake Martin’s waterfront property inventory went from 90 in March 2022 to 278 in March 2023—a 208.9% increase!
And with more inventory on the market, it comes as no surprise that the average sales price has decreased.
The average sales price has decreased
With plenty of options for buyers and sellers having to compete, we are currently seeing a drop in the average sales price.
Taking a look at the market trends for Lake Martin in March 2023, we see that the average sales price was $594,678, whereas in March 2022 it was $927,217. That’s a 35.9% decrease.
Houses are spending fewer days on the market
Likely as a result of these lower prices, we do find that houses are spending fewer days on the market. A total of 54 days fewer!
In March 2023, homes spent an average of 156 days on the market. And in March 2023, homes spent an average of 102 days—a 34.6% decrease from one year ago.
Total residential sales are up
More choices. Lower costs. Quicker home buying and selling. When taking all these trends into account, we understand why the total number of residential sales has risen.
March 2023 Lake Martin residential sales totaled 60 units, showing a 150% increase from the 24 units listed a year ago in March 2022.
Summary
So, it seems like now may be just the right time to purchase your Lake Martin home before summer is in full swing. Don’t just take our word for it—pay attention to these market trends from Lake Martin in March 2023.
Not sure where to get started? Contact Ryan Roberts, your local real estate expert! And finally, for more real estate trends, updates and industry news, continue reading our blogs.
