As seasons change, let’s take a moment to reminisce on those warmer days by reviewing the ups and downs of the waterfront housing market with a look at Lake Martin’s September 2024 Residential Report.
Inventory increased.
Comparing inventory numbers year-over-year, the number of Lake Martin waterfront properties jumped from 128 in September 2023 to 203 units in September 2024—a 58.6% increase.
But what about month-to-month figures? Interestingly enough, inventory decreased slightly from August to September, going from 208 listings in August to 203 in September, a 2.4% drop.
The average sales price rose.
Rising with the inventory was an increase in the average sales price compared to a year ago.
In September 2023, the average sales price was $1,108,274, whereas in September 2024, it was $1,142,665. That’s a 3.1% increase.
Houses spent more time on the market.
With summer’s end, waterfront homes started to spend more time on the market.
According to Lake Martin’s September 2024 Residential Report, the average number of days on the market in September 2023 was 72, compared to the 210 days homes spent on the market in September 2024—a 191.7% increase!
Total residential sales decreased.
Looking at the market trends, in September 2023, residential sales totaled 29 units compared to 22 sales in September 2024, a 22.4% decrease. What’s more, in just one month—from August to September—four fewer properties sold, a 15.4% change.
Summary
With this quick look at Lake Martin’s September 2024 Residential Report, are you wondering how these numbers will change in the upcoming seasons? Stay informed with our Lake Martin housing stat updates and more by continuing to read our blogs.
And if you are interested in investing in a waterfront property of your own or you have questions about the local market, contact Ryan Roberts, your East Alabama real estate expert!
