Temperatures might be as low as the current lake waters, but these four takeaways from Lake Martin’s December 2023 Residential Report show several factors are on the rise!
Total residential sales were up year-over-year.
Get excited for an area trend that is slightly different from residential properties in Lee County, Auburn and Opelika! In December 2023, Lake Martin waterfront residential sales increased by 9.1% when compared to December 2022.
More specifically, the increase was the result of 12 total waterfront listings being sold versus 11 the year before.
Average sales prices increased.
Once again, a year-over-year comparison between December 2023 and December 2022 shows a 5.3% increase when it comes to the average sales prices of waterfront homes on Lake Martin. To clarify, the average sales price for a lake house in December 2023 was $1,173,067. Whereas in December 2022, that figure was $1,114,438, which is a $58,629 difference.
Homes are spending more time on the market.
Next on the list of key takeaways from Lake Martin’s December 2023 Residential Report is the fact that lake properties are spending more time on the market. For instance, waterfront listings spent an average of 197 days on the market in December 2023.
That’s a 41.7% jump from the 139 days listings spent on the market in December 2022.
There are more homes to choose from.
Similar to our local city and county trends, inventory on Lake Martin is up. In fact, there were 101 total Lake Martin waterfront listings in December 2023, while there were just 79 listings in December 2022.
In other words, Lake Martin experienced a 27.8% boost in inventory year-over-year.
Summary
If these four takeaways from Lake Martin’s December 2023 Residential Report have you daydreaming about lake life, reach out to Ryan Roberts while you have plenty of time to shop around! His local knowledge and expertise are sure to help you find just what you are looking for—on the lake or in town. For more local real estate trends and community news, keep reading our blogs.
