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Market Report


Published: 04.21.2022

Average price reaches new milestone

Lake Martin’s hot streak continues with a key metric reaching a new milestone. Each month, we pull sales data from the local Multiple Listing Service for the most recent 12-month period and compare that data to the same period the previous year. Dating back several years, the report has given Lake Martin property owners great news!

According to the 12-month period ending March 31, the news just got better. For the first time ever, the average sales price for a single-family lakefront home hit seven digits. The 280 properties sold during that period had an average sales price of $1,004,237. That is an increase of 21% over the previous year when the average price was $830,246.

This average price was driven by the sale of properties over $2,000,000. The gross dollar volume of sales in this category of property sales increased 127% over the prior year. Lake Martin has clearly become one of the preferred recreational destinations in the Southeast.

Russell Lands sets the pace

While we were pulling MLS data and noting the impact of the upper end of the market, we thought it would be worthwhile to see how sales in Russell Lands neighborhoods were performing. This is important for us to review because we have made, and will continue to make, large investments in amenities.

What we found, as you can see in the chart below, is that sales of properties in Russell Lands neighborhoods are driving the market. (Learn more about our neighborhoods.) The chart shows the overall market in red with the current average shown on the right margin. The blue line on the top is the average price in a Russell Lands neighborhood where the average price tops out at $1,726,924 as you can see on the right margin.

 

 

The most interesting metric is the green line on the bottom, which is the average price of single-family home sales on Lake Martin outside of a Russell Lands neighborhood. That price is $839,414 or 49% of the sales price of a home in a Russell Lands neighborhood.

The chart begins in 2011, and the gap between Russell and non-Russell neighborhoods has grown over time. This ever-increasing gap is due to the addition of amenities and establishment of design standards outshining those of other areas.

What to look for

We think property values, especially in Russell Lands neighborhoods, are going to continue to increase. There are two key drivers that influence this belief. The first is that there is a steadily increasing demand for lake property coupled with a very small supply of available property for purchase.

The second reason is that we continue to add amenities and ownership opportunities. For instance, the Fannie Goldmine Diner, due to open late summer, is a much-anticipated dining venue under construction at Russell Crossroads. This, in addition to SpringHouse and Catherine’s Market, makes Crossroads “the hub” of our neighborhoods.

Wicker Point Golf Club is a world-class, private golf club and the centerpiece to The Heritage, Russell Lands’ newest master-planned community. In addition to Wicker Point Golf Club, The Heritage Lake Club will be a resort-style, waterfront complex with event space, fun, fitness, swimming, tennis, and pickleball for The Heritage property owners.

We believe the most recent data is telling us that Russell Lands on Lake Martin is the key driver to ever-increasing property values on Lake Martin. If you would like to find out more about the market and the opportunities of property ownership here, give us a call at 256.215.7011 today.

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