Summer is flying by! But your daydreams of waterfront property on Lake Martin do not have to end just because it is almost time to go back to school. These five highlights from Lake Martin’s June 2024 Residential Report show a healthy real estate market with buyer options!
Inventory saw a big year-over-year jump.
In June 2024, 219 waterfront properties were available. That’s a 64.7% increase in inventory compared to the 133 listed properties in June 2023. Nine more homes were listed last month than in May 2024. So, month-to-month saw an increase as well.
Average sales prices went down.
Buyers, get excited! Lake Martin’s June 2024 Residential Report indicated an 18.4% decrease year-over-year. More specifically, the average sold price for June 2024 was $1,334,885 versus $1,636,528 in June 2023.
Homes spent less time on the market.
On average, homes spent 76 days on the market in June 2024. Whereas in June 2023, homes spent an average of 95 days on the market, 20.0% more time, or 19 more days.
Fewer homes were sold overall.
Another interesting statistic shared in the recent Lake Martin report is that fewer homes sold last month than they did one year ago at the same time. Total residential sales at the lake equaled 27 units in June 2024. On the other hand, 39 units sold in June 2023.
The inventory-to-sales ratio increased.
According to Lake Martin’s June 2024 Residential Report, it’s estimated there is at least an 8.1-month supply of waterfront properties available, a 35.2% increase from May 2024, when the market was balanced with a 6-month supply. Looking back further to June 2023, there was just a 3.4-month supply. Thus, the year-over-year supply increased by a whopping 138.6%!
Summary
Are you ready to dive into life at Lake Martin? Contact Ryan Roberts to learn more about your options, including 149 Lake Forest Drive, 1394 North Ridge and 133 Lake Forest Drive. Read our blogs for more local real estate statistics, industry guidance and community news!
