Lake Martin Levels Drop

Real estate inventory is nearly dry

While the Lake Martin water level is at full summer pool, the supply of available lake homes has nearly dried up. For those interested in spending their summers at the lake, this low inventory level reduces opportunities.

We queried the Lake Martin Area Association of Realtors MLS on June 2, 2020, to get a count of available waterfront lake homes. The total number of homes listed for sale was 123, and 27 of those properties had a contract with a contingency. In most cases, the contingency was for financing or property inspection, reducing the total to 96 available properties.

In order to put that count into context, consider the following metrics. At the first of May last year, the number of available lake homes was 249 properties. We have 153 fewer properties on the market currently compared to last year. With 880 miles of shoreline, available homes can be few and far between.

Then consider that, over the last twelve months, 269 waterfront homes sold. That means at this level of activity, we will be sold out of waterfront homes in 4.28 months. At this same time last year, we had a 13-month supply of available lake homes.

Additions to the market

While builders are building new lake homes, such as the new Tree Top in Russell Cabins at The Ridge, they cannot stay ahead of demand. For those willing to consider new construction, selecting a lot today and getting underway soon will get a potential owner a chance to be in by next summer and enjoy all the summers that follow.

At Russell Lands On Lake Martin, we have been working hard to bring new waterfront homesites to the market in The Ridge, The Willows and Russell Cabins at The Willows. Even those new additions have not been able to keep pace with demand. That has accelerated new additions to The Willows (due to be released this summer) and planning for future additions to The Ridge.

What to look for

We do not see a large supply of newly listed waterfront property entering the MLS, at least not enough to satisfy demand. In fact, it appears that people value their lake homes and are spending more time here than ever before—very unwilling to part with them.

We are working with our builder group to get new homes started, and we have developed a fairly large and diverse collection of ready-to-build home plans for each of our neighborhoods. To take a look at what we have to offer or to stay abreast of new starts and releases, call one of our Realtors^® at 256.215.7011 or drop us an e-mail request.