July was one of the hottest months on record according to reports. But did that heat translate to our local real estate market at the lake? A look at Lake Martin’s July 2024 Residential Report indicates yes. Let’s recap the year-over-year changes, from average sold prices to inventory.
The average sold price decreased.
In July 2023, waterfront properties sold for an average of $1,358,260. Whereas in July 2024, the average sold price for residential properties was $1,173,892, a 13.6% decrease from the previous year.
What’s more, this July’s average sold price was $ 160,993 less than June’s average, which was $1,334,885. That’s a 12.1% decrease in just a month!
Homes spent more time on the market.
Buyers enjoyed more time to shop around. Last month, Lake Martin properties spent 119 days on the market. That’s a 48.8%–or 39-day—difference from the 80 days homes spent on the market in July 2023. Looking back month-to-month, waterfront properties spent 43 more days on the market in July versus June.
Inventory increased.
There were 205 properties for sale at Lake Martin in July 2024, while there were just 133 for sale in July 2023, meaning inventory increased by 54.1%.
However, the inventory-to-sales ratio dropped 5% year-over-year. Based on July’s figures, there was a 7.9-month supply of homes for sale. In July 2023, there was a supply for 8.3 months.
Total residential sales went up.
Lake Martin’s July 2024 Residential Report shows total residential sales jumped by 62.5% from 16 properties in July 2023 to 26 last month.
Summary
The summer haze is fading and Lake Martin’s July 2024 Residential Report summed up a busy month on the water.
Reach out to Ryan Roberts to learn about available listings in Auburn, Opelika, Lake Martin and surrounding communities. In the meantime, keep reading our blogs to explore property showcases, additional local market statistics and community news.
