As sent out in ACRE’s weekly email, a report by Russell Lands on Lake Martin property sales
Returning to (better than) normal
Sales levels mark a banner year
As 2015 comes to a close, we can look back on the real estate business for Lake Martin to gauge what the next 12 months might be like. If the current market trends hold true for next year, then we are in for some very impressive sales numbers and value increases on Lake Martin.
A look at key numbers
By gleaning from the local Multiple Listings Service and examining the 12 months ending on November 30, 2015, we have at present a pretty impressive lake market. The value of all transactions reported by member firms was $195,256,133 with 431 properties changing hands. The average price based on that business is $453,030.
The above numbers include all property types—single-family homes, condos and lakefront lots. The total value of each category is as follows: Single family homes reported $159,126,083 in sales with 283 properties selling for an average price of $562,283.
Condos and townhome sales totaled $16,445,349 with 62 sales averaging $265,248. Lake lots sales totaled $19,684,701 over 86 transactions with an average price of $228,892. Every category had positive sales growth for gross sales volume with only a slight decrease in the number of condos selling due to the lower supply at the onset of the summer season.
Values on the upswing
The real story in the market was the overall increase in sales volume and property values. Overall residential sales volume grew 35.7% with a 17.3% increase in the overall number of transactions. Average residential property values increased by 15.6%! Waterfront lots also experienced a healthy sales pace with the total volume increasing by 15.8%.
What is driving this upswing in property values is the smaller supply of properties on the market. This year there is a 29% reductionin the supply of residential single-family homes, given the current sales pace. For waterfront lots, there is a 30% decrease in the number of lots available for sale. The old saying that they quit making waterfront property certainly appears to be true!
Inventory scarce – Early Shoppers are expected
At the pace of current sales, the inventory will be exhausted within nine short months. Clearly more and more people are buying the fewer available properties. We are used to seeing people shopping for property in the early to late spring, but given the demand, we expect that savvy lake shoppers will begin looking earlier in the season to lay claim to the limited number of properties.
In our two active developments, The Ridge and Willow Glynn, our Approved Builders sold out of inventory early in the summer. Several have started new projects to prepare for the coming season. Given the direction of the sales pace over the last year, it is likely these will be in high demand. That is no surprise with the great quality, attention to detail and the thoughtful shoreline features each property receives from the Builders.
The Future Looks Promising
We were blessed with a great real estate market in 2015, and 2016 and beyond looks even brighter. We have set a very patient development and construction pace in our neighborhoods, while putting great care into the design and feature of every home. Coupled with the continuing addition of amenities and the growth of Russell Crossroads, Lake Martin real estate has never looked more promising. Real Estate here truly is an investment your whole family can enjoy!
For more information about property available call India, Mike or Sawyer
India – 256.749.7592
Mike – 256.226.1238
Sawyer -205.965.7940
