Lifestyle living is more sought-after than ever, and moving into summer, we can only predict lake properties will be in high demand. Until then, let’s take a look at four key points from Lake Martin’s April 2023 Residential Report.
Inventory is up
The waterfront housing market is moving toward a more balanced market as housing inventory increases.
Year-over-year figures show a 33.3% increase in total properties listed for sale in April 2023. In April 2022, there were 81 homes for sale on Lake Martin. This April, the total rose to 108 homes.
Listings are spending more time on the market
Along with inventory going up, so have days spent on the market. Listing figures show that lake listings are spending more time on the market this spring compared to last.
Comparing April 2022 to April 2023, we see that properties have gone from spending 62 days on the market on average to 103 days. That’s a 66.1% increase from one year ago.
Average sales prices are down
Buyers, you’re in luck! Another one of the key points from Lake Martin’s April 2023 Residential Report we have to point out is that average sales prices are down. That means if you’re looking to buy a home at the lake–now may be the ideal time!
The average sales price reached $1,146,515 in April 2022, whereas in April 2023 it was $895,650. That’s a 21.9% decrease in just a year.
Total residential sales have dropped
Overall, total residential sales have dropped–but not by much! Lake Martin waterfront residential sales during April 2022 totaled 27 units compared to the 26 units in April 2023. This is a 3.7% decrease.
Summary
Lake life is a very in-demand lifestyle. Whether you’re buying or selling, these key points from Lake Martin’s April 2023 Residential Report let us know the market is moving and changing.
Are you ready to make your next real estate move on Lake Martin—or anywhere in East Alabama? Contact Ryan Roberts, your local real estate expert! And finally, continue reading our blogs for more industry news and updates.
