Lake Real Estate Values are Rising

Latest Sales Results Impressive

Spring is nearly here, temperatures are sure to rise, and lake water levels are rising in preparation for the boating season. Those aren’t all that are rising. Real estate property values and market metrics are also rising and at a much faster rate!

Real estate on Lake Martin has never been in as much demand as it is today. Recent sales statistics for the last 12 months ending February 28, 2018, prove the popularity of lake property. Overall residential sales volume increased 29.1% over the same period last year. The total number of residential transactions for that same period increased by 10.9%.

A 10.9% higher number of sales would be appreciated by anyone. But the really impressive number is the average sales price. The average sales price for all residential property increased by 16.4% with single-family homes leading the category with an increase of 18.3%. To put this in perspective, the average property for the 12-month period ending February 2017, sold for $543,156. In the most recent 12-month period, the average price has increased to $642,780, or $99,624 higher!

We don’t think that the same house increased by that much in value over the last year necessarily. What we do know is that more expensive properties are selling. We know that because the median price¹ has increased by 23.9% from $444,000 to $550,000. Clearly, more expensive properties are selling in addition to properties increasing in value.

If there is any bad news about the market, it is that inventory is near record lows. Last February, there was a 10.7-month supply of residential property for sale. This year, there is only a 7.53-month supply, which is important because many property owners put their property on the market in advance of the lake’s boating season.

Last year, there were 357 transactions, and currently, there are only 224 available properties on the market. With the greater demand over supply, there is little wonder why a recent listing in The Ridge sold at full price in just one day!

Insider Advice

Shop early, and let one of our Sales Executives know of your interest in owning a place in one of our neighborhoods. Many properties that are new to the market sell very quickly. Your opportunity might be missed if you don’t have someone searching on your behalf and getting you information early.

We have new opportunities coming this summer in The Ridge and in Willow Glynn. If you think you might have an interest in one of these new offerings, please check our website often to stay abreast or fill out this contact form that will allow us to search for the perfect fit.

¹ Median price is the mid-point for all transactions. In this case, one-half of all single family homes on Lake Martin for the period ending February 28, 2018 sold for under $550,000, and one-half sold above $550,000. That is a $106,000 increase from the same 12-month period ending last February.