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By: ACRE Research
The Lake Martin waterfront median home sales price during October was $400,000, a substantial increase from October 2016.
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Sales: Lake Martin waterfront sales totaled 24 units during October, a 14.3 percent increase from the same period in 2016. Sales for October 2016 on Lake Martin’s waterfront totaled 21 units. Year-to-date sales on the waterfront are up 11.4 percent from the same period in 2016.
Supply: The Lake Martin waterfront housing inventory in October was 209 units, a decrease of 17.7 percent from October 2016 and 60.6 percent below the October peak in 2008 of 531 units. October inventory decreased by 8.7 percent from September.
Pricing: The Lake Martin waterfront median sales price during October was $400,000, an increase of 64.3 percent from October 2016 and a decrease of 33.2 percent from the prior month. Pricing will fluctuate from month to month because of changing composition of actual sales (lakefront vs. non-lakefront) and the sample size of data (closed transactions) being subject to seasonal buying patterns. ACRE recommends contacting a local real estate professional for additional market pricing information.
Industry analysis: “The first print of third-quarter economic growth showed surprising resiliency. The expected economic hit from the recent natural disasters either failed to materialize or was drowned out by business optimism,” said Fannie Mae Chief Economist Doug Duncan. “Recent data showed a stronger pickup in domestic demand than anticipated, leading us to increase our growth forecast for the final quarter of this year and coming quarters. We also revised higher our 2018 growth forecast to 2 percent. Tax cuts, if enacted, present upside risk to our growth forecast for next year but could also lead to more aggressive Fed action. Housing still remains a drag on the economy, as shortages of labor and available lots, coupled with rising building material prices, further complicate existing inventory, affordability and sales challenges.”
The Lake Martin Waterfront Residential Monthly Report is developed in conjunction with the Lake Martin Area Association of Realtors to better serve area consumers.