Spring is in full swing, with us dreaming of those lazy lake days on the horizon. But before things heat up, let’s look at these five key points from Lake Martin’s February 2024 Residential Report to see what changed.
Residential sales increased year-over-year.
Lake Martin waterfront residential sales increased by a whopping 142.9% year-over-year. More specifically, 17 residential properties were sold in February 2024, whereas in February 2023, that figure was just seven.
Inventory continued to rise.
Here’s one of the key points from Lake Martin’s February 2024 Residential Report that has potential buyers smiling. An increase in inventory means more choices for buyers to see and choose from. As a matter of fact, inventory in February 2024 jumped by 16.2% from one year ago.
To clarify, there were 122 residential units for sale in February 2024. In February 2023, there were 105 units on the market. What’s more, inventory increased month-to-month by 24.5%.
Homes spent more time on the market.
Another buyer bonus is that Lake Martin properties spent more time on the market in February 2024 versus February 2023. For example, the average number of days on the market during February 2024 was 171. Last year, during the same time, properties spent an average of 40 days on the market.
That’s a 327.5% increase in days on the market!
The average sales price for Lake Martin homes decreased year-over-year.
In February 2024, the average sales price for a waterfront home on Lake Martin was $1,097,087, which is a 24.1% decrease from February 2023. Looking month-to-month, the average sales price for February 2024 was still 21.4% lower than the average sales price in January 2024, which was $1,395,938.
The inventory-to-sales ratio went down.
The inventory-to-sales ratio is determined by dividing the inventory for sale by the monthly sales volume, giving the number of months of supply. So, there was a 7.2-month supply as of February 2024. That was down from a 15-month supply in February 2023 and a 12.3-month supply in January 2024.
Typically, the market is considered balanced with about a six-month supply. With February 2024’s figure, Lake Martin’s inventory-to-sales ratio is about a month above equilibrium, giving buyers a little extra bargaining power.
Summary
With these five key points from Lake Martin’s February 2024 Residential Report fresh in your mind, take the plunge and get ready to jump into lake life this season! Reach out to Ryan Roberts to learn more about searching for your dream home on the lake or in town. For more local real estate trends and news, keep reading our blogs.
