August was hotter than blue blazes, and life on the lake showed no signs of winding down. In fact, these key takeaways from Lake Martin’s August 2023 Residential Report show just how busy August really was!
Total residential sales increased.
One of the main takeaways from Lake Martin’s August 2023 Residential Report was a 29.6 percent year-over-year increase in the number of total residential units sold. In August 2023, 35 units were sold, whereas in August 2022, 27 units were units sold.
Month-to-month also indicated a jump in total sales with only 16 units sold in July, which means 19 more Lake Martin waterfront residential sales took place in August 2023.
Median sales prices rose.
August 2023’s median sales price was $899,000. In August 2022, that figure was $845,000. So, year-over-year, that indicates a 6.4 percent increase. Month-to-month, however, showed a 14.6 percent decrease in the median sales prices at Lake Martin.
Average sales prices were also up.
Once again, average sales prices increased by 4.1 percent from August 2022 to August 2023. What’s more, like median sales prices, month-to-month actually showed a decrease. In July 2023, the average sales price was $1,358,260.
But in August 2023, that figure was $1,015,329, which is a $342,931 difference.
Homes spent less time on the market.
On average, listings spent 10 fewer days on the market in August 2023 than in August 2022, which is a 12.7 percent year-over-year decrease.
There are more homes available.
Inventory was up 7.2 percent in August 2023 compared to August 2022. There were 134 waterfront properties on the market in August 2023. On the other hand, there were 125 properties available in August 2022.
Summary
If these five takeaways from Lake Martin’s August 2023 Residential Report have you ready to jump into lake life, contact Ryan Roberts to find out what’s currently available at Lake Martin. Keep reading our blogs for more local real estate statistics and local news!
