Market Report

2024 results are solid

We have the final results for Lake Martin waterfront sales data for 2024. We are pleased with the improvements to sales volume and units sold, especially since the national market was hampered by higher interest rates. The Wall Street Journal recently reported that the national market is at its lowest level since 1995. The lake market has outperformed the national market in comparison.

For the purpose of this report, we compared the sales data from 2024 to 2023. We found that, in all key metrics, the market actually improved in 2024 compared to 2023. Unit and dollar volume of waterfront sales both increased. Average and median prices both increased as well. Our only concern is that, at year’s end, inventory remained stubbornly low with just 86 available properties. We believe more properties listed would have resulted in additional sales.

As a fast snapshot, look at the key data points listed below:

Key Data for the 12-month period ending December 31, 2024, versus the same period the previous year.

• WF Residential sales volume up 11.1% to $317,949,840 from $286,239,107 last year
• WF Residential property sales up by 14 properties to 256 units from 242 last year
• WF Residential average sales price up 5% to $1,241,992 from $1,182,806 last year
• WF Residential median price up 7.3% to $976,000 from $909,228 last year
• WF Lot volume up 2.5% to $62,711,251 from $61,153,659 last year
• WF Lot average price up 18.7% to $825,148 from $694,928 last year

Market fundamentals remain healthy

Inventory, while much improved from 2022, is still well below historic norms. The current inventory of residential properties for sale (as noted above) is just 86 properties. That is significantly below the number of sales last year (256). At this sales pace, we will run out of inventory in just over 4 months without new property listings.

The sales-price-to-list-price ratio is healthy at 96% (a property listed at $1,000,000 would sell for $960,000 on average). That indicates that sellers are negotiating a little bit more than in a peak period like 2021. That year, the ratio was 98.1%, which we would describe as a hyper “seller’s market.” While we have noted more negotiation between sellers and buyers, the minimal inventory is likely to cause more upward price pressure.

What to look for

Early indications, given the pace of newly contracted properties over the last two months, are that 2025 is likely to be at least as busy as 2024. Currently, interest rates have passed the 7% mark in spite of recent FED reductions to key interest rates. If, as many mortgage bankers expect, rates drop to around 6% this year, we would expect 2025 to be one of the best years on record, if new listings become available.

If you want to hear the latest news on the lake market and new property releases, please reach out to one of our Sales Executives at 256.215.7011 or send them an email. They will be happy to keep you informed about opportunities on the lake.

Note: The metrics above are based on an analysis of sales information derived from data pulled from the Lake Martin Area Association of Realtors^® MLS for the period of January 1, 2024 through December 31, 2024 and compared to the same period in 2023.