As the new season rolls in, let’s take a moment to look at Lake Martin’s August 2024 Residential Report to see how the housing stats rounded up at the end of summer.
Inventory is up year-over-year.
Although lower temperatures are on the horizon, there is one thing that hasn’t dropped, and that’s the number of homes listed for sale on Lake Martin! Compared to August 2023, when 134 homes were listed, August 2024 saw 208 homes listed on the market—a 55.2% increase!
Average sales prices are down.
In comparison, with more options and as the boating season ends, we are seeing a decrease in the average sales price.
More specifically, the average sales price for waterfront homes in August 2024 was $1,012,110. That’s a 0.3% decrease from a year ago when the average sales price was $1,015,329.
Homes are spending more time on the market.
When inventory was lower in August 2023, homes spent an average of 69 days on the market. Whereas in August 2024, with more homes available, waterfront properties spent an average of 121 days on the market, a 75.4% increase year-over-year!
Total residential sales have decreased.
Another key point from Lake Martin’s August 2024 Residential Report is the decrease in total residential sales.
Compared to August 2023, the total number of residential sales decreased by 25.7%. Breaking the figures down, the total number of sales in August 2024 totaled 26, whereas in 2023 total sales reached 35.
Summary
And just like the lake’s water level, Lake Martin’s August 2024 Residential Report experienced highs and lows—but buyers, let this be your sign! With inventory up and more time to decide, paired with lower prices, now is the perfect time to buy your waterfront property before next summer! Ready to get started? Contact Ryan Roberts!
Finally, continue reading our blogs for more real estate statistics, industry news and more.
