We may be saying goodbye to summer soon, but we sure aren’t saying our farewells to the lake! When you live on Lake Martin, every day is a good day for enjoying the cool lake breeze and colorful sunset boat rides. Is now the time to make your move to the waterfront? Check out this overview of Lake Martin’s July 2023 Residential Report.
Inventory has risen.
Comparing inventory numbers year-over-year, we see that the number of Lake Martin waterfront properties increased from 118 in July 2022 to 133 units in July 2023—a 12.7% increase!
The average sales price has increased.
Good news for sellers: along with the increase in inventory, we are also seeing a rise in the average sale price compared to a year ago.
In July 2022, the average sales price was $1,182,183, whereas in July 2023 it was $1,358,260. That’s a 14.9% increase.
Houses are spending less time on the market.
These waterfront properties aren’t lasting long, though! According to Lake Martin’s July 2023 Residential Report, homes are spending less time on the market.
The average number of days on the market in July 2022 was 86, compared to the 80 days homes spent on the market in July 2023—a 7% decrease.
Days-on-market also decreased 15.8% from June to July 2023.
Total residential sales decreased.
Keeping all of these stats in mind, along with the hot housing competition, it is expected we see a slight fluctuation in the total residential sales of homes on Lake Martin.
Taking a look at the market trends, we see that in July 2023, residential sales totaled just 16 compared to the 31 total residential sales in July 2022. That’s a decrease of 48.4%.
Summary
With Lake Martin’s July 2023 Residential Report fresh on your mind and the market for waterfront properties staying hot as we enter a cooler season, now may be the time to make your next real estate move. Not sure where to start? Contact Ryan Roberts, your local real estate expert and trusted agent.
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