Things are moving and grooving in the summer heat, but how was real estate on the lake in May? Let’s find out by reviewing these four key points from Lake Martin’s May 2024 Residential Report.
Total residential sales experienced a big jump!
Things were jumping at Lake Martin this spring, from big fish to big increases in total residential sales! More specifically, the total sales of waterfront properties on Lake Martin rose by a whopping 132.3% year-over-year.
In May 2023, only 31 units were sold versus 72 properties in May 2024. Month-to-month also showed a 67.4% increase from 43 total residential sales in April 2024.
Properties spent less time on the market year-over-year.
Looking back at Lake Martin’s May 2024 Residential Report, buyers had less time to explore available inventory. Lake homes spent an average of 89 days on the market in May 2024, representing a 12.7% decrease year-over-year when homes spent roughly 102 days on the market.
However, there was a boost in time compared to April when homes spent about 78 days on the market.
The average sold price drastically increased.
In May 2024, the average sold price for waterfront property on Lake Martin was $717,329. That translated to a 159.1% jump from the average sold price of $276,835 in May 2023.
In other words, homes sold for $440,494 more in just one year! But there was a slight 8.2% dip compared to April 2024’s figure of $781,763.
Inventory rose year-over-year.
Water levels and real estate inventory rose according to Lake Martin’s May 2024 Residential Report! If you were pursuing the market for lakefront property in May 2024, you had more inventory to choose from than the previous year—and the month before, for that matter.
In May 2024, 421 properties were listed, whereas in May 2023, there were just 175 listings. And in April 2024, 371 new properties hit the market.
Summary
Don’t let summer fun wave bye this season! Jump into the excitement of lake life with Ryan Roberts at the helm. Contact Ryan to learn more about available waterfront properties, like Ryan’s listings at 149 Lake Ridge Drive in Jackson’s Gap, 1394 North Ridge in Alexander City and 133 Lake Forest Drive in Dadeville.
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