Articles & News
The Ridge continues to set the standard for Lake Martin
Our recent market reports (click here to review market reports) have noted the very strong growth and health for the Lake Martin real estate market. Gross sales increases year-over-year have been very robust with a 54.7% increase. The average sale price for residential properties is $702,129, an 18.6% year-over-year increase. The average price for a detached single-family house increased 16.6% to $809,472.
While these numbers are very impressive, they are not universally true. Not every lake home will sell for $809,472. That is an average price. We did a deeper dive into the market to study what was the single largest driver for volume and price increases. We found several market influencers, but nothing impacts the residential market for Lake Martin like The Ridge.
The Ridge numbers
While 2020 is not quite over yet, we have enough data to see the impact The Ridge sales have on the overall market. Total lakefront property sales, including residential and lot sales, were 581 units. Over the last 11 months, 56 properties sold in The Ridge which is a 9.6% share of the market.
Where the impact for The Ridge is greatest is not in the number of units. The greatest market impacts are the effects on average sales price and on dollar volume. The total market share for sales volume for The Ridge is 14.96% with $42,829,397 through 11 months. That is a pretty impressive impact for a single neighborhood on 880 miles of shoreline.
Even more impressive is the effect on average sales price. As noted above, the average price for the entire lake for single-family homes was $809,472. The average sales price for single-family homes sold in The Ridge this year was $1,713,175—more than double the overall market. Absent the sales volume of The Ridge, the average price of a lake home would decrease to $742,754.
Those numbers would be even more impressive if more single-family homes in The Ridge had been on the market. There was a total of 30 residential properties sold in The Ridge through November, with a number of prospective buyers still searching for property. That overflow demand for The Ridge was great enough that 26 waterfront lots sold as well—a 21% share of the market for waterfront lots with a 23% market share in volume.
Clearly, The Ridge amenities such as The Ridge Club, The Ridge Marina, Beach Park, The Ridge boat ramp, miles of sidewalks and trails, diverse product mix, and proximity to Russell Forest and Russell Crossroads has a positive effect on sales. The numbers prove that point.
What to look for
By the end of November, only three waterfront homes were available for sale in The Ridge. Waterfront homesite inventory is limited as well (see available homesites). For that reason, Russell Lands is in the process of adding new inventory of waterfront lots in 2021 and working with our Approved Builders to add new home inventory.
If you, like many people in 2020, are interested in finding a lake place in The Ridge, please reach out to one of our Realtors® by calling 256.215.7011 or send them an email soon. We have a lot of wonderful opportunities for 2021 that you will want to learn about.