As we begin to look back at summer, we know your memories are full of the time you spent on the lake. Let’s take a look at some of the highlights from Lake Martin’s June 2023 Residential Report to see how waterfront homes fared this summer.
Inventory was down year-over-year.
Year-over-year, there was a 19.4 percent decrease in waterfront listings on Lake Martin. In June 2022, there were 232 homes listed for sale, whereas in June 2023, there were 187 homes listed.
Median sales prices are down.
Continuing to look at these highlights from Lake Martin’s June 2023 Residential Report, we see another trend downward: the median sales price.
The median sales price in June 2022 was $330,925, whereas in June 2023 it was $180,000—a whopping 45.6 percent decrease!
Average sales prices have also gone down.
Paired with the median sales price, we also see that the average sales price has gone down.
In June 2022, the average sales price for a waterfront property on Lake Martin was $615,611. Compared to June 2023, when the average sales price was $260,088, that makes for a 57.8 percent decrease.
Homes spent less time on the market.
On the bright side for sellers, waterfront properties spent less time on the market earlier this summer.
Comparing June 2022 to June 2023, we see that properties dropped from spending 89 days on the market to 81 days. That’s a 9 percent decrease.
Total residential sales decreased compared to last year.
In June 2022, 78 waterfront properties sold on Lake Martin. That number dropped in June 2023 to 37 properties sold. But compared month-to-month to the 31 homes sold in May 2023, residential sales are rising!
Summary
Looking at these five highlights from Lake Martin’s June 2023 Residential Report, we can see that overall, waterfront properties are in a transition period. Contact Ryan Roberts today to get started on your lake house search!
Finally, continue reading our blogs for more real estate trends and market news.
