Market Report

Lakewide property values continue impressive climb

The updated market numbers are in for the 12 months ending on April 23, 2021, and the values of all types of waterfront real estate continue to increase on Lake Martin. Both the average price and median price of properties of all types have notched double-digit increases over the previous 12-month period.

The average price for single-family-detached waterfront homes increased 16.9% over the same period last year. The current average price for a waterfront home is $838,335, $121,012 over April 2020’s average sales price. The median price increased 16% over the same period last year to $713,630. The number of homes sold over that period increased 46.7% to 396 single-family homes sold.

Attached waterfront homes (condos or townhomes) also experienced impressive increases. The average price increased 15% year-over-year to $362,935, and the median price increased 16.7% to $350,000. Total units sold increased 12.4% to 109 sales. The units sold tally was constrained by available supply with only four properties for sale lakewide at the end of April.

With available residential property inventory at a historic low (only 72 properties were available at the end of April), prospective lake property owners turned their attention to waterfront homesites. The average price increased 30.7% to $382,706 for the 12-month period ending April 30. The number of units sold increased 200% to 171 properties sold. Ending supply was just 43 properties versus 59 for sale at the same time last year.

What to look for

Inventory is very limited in every category. The Ridge, for instance, would typically have at least 15 single-family waterfront homes on the market. As of this writing, only five properties are available for sale, and one of those homes is a speculative home under construction. Lakewide, there were 66 waterfront single-family homes listed in the local MLS, and 24 of those homes were under contract pending loan approval or clearance of home inspection, leaving just 42 properties for sale on 880 miles of shoreline!

With inventory very low, interest rates very attractive, and small additions coming by way of developers, it is likely that prices will continue to increase in the foreseeable future. Newly listed and reasonably priced properties continue to receive multiple offers, many times over list price.

We recommend, if you are looking for a lake place, that you reach out to one of our Realtors^® at 256.215.7011 to let them know of your interest. Many properties sell before they are marketed on public websites.

As for Russell Lands properties, we are releasing 11 new homesites for sale in The Willows of Willow Point this weekend. Also, road work continues on the next phase of The Ridge. The release date of The Ridge properties has not been finalized. If you want a price list when they are available, please call our Realtors^® at the number above or send us a request online.