Summer Lake Sales off to a Brisk Start

Recent sales rise with temperatures

Sales agents report that recent sales activity has really taken off with the beginning of “lake season.” (Lake season has an unofficial starting date of Memorial Day.) As temperatures go up, the lake looks more and more inviting. As the lake looks more inviting, more people are interested in finding a lake place. This year, it was as if someone turned on a switch at Memorial Day.

Sales activity was brisk in Russell Lands neighborhoods. The number of sales and the dollar value of waterfront home sales were worthy of note. Clearly, people are seeing more value in both Lake Martin and Russell Lands neighborhoods. We took a look at the sales that were reported at the onset of the lake season. If this is an indication of what the summer sales season is going to be like, it will likely alter the landscape.

Here is a list of the notable transactions that were reported to the Lake Martin Area Association of Realtors^® Multiple Listing Service. To respect the privacy of buyers and sellers, the sales are listed by neighborhood only. Closed sales have the closing sales price while pending sales show the asking price only. For the pending sales reported, the actual sales price is either very close to or slightly higher than asking price.

This list of sales is impressive since the average price is $3,569,500. This is higher than the most recently measured average selling price of $2,170,192 for a single-family waterfront home in a Russell Lands neighborhood. (See chart below.) These homes, when closed, are sure to raise that average sales price significantly.

The chart shows the relative value enjoyed by owners of homes in our neighborhoods. The chart is a rolling average of sales prices for the last 10 years. The blue line represents average sales price in Russell Lands neighborhoods, the red line shows the average sales price on the entire lake, and the green line shows the average sales price in a non-Russell Lands neighborhood. Currently, homes in our neighborhoods sell for a 117% premium. Over the years, that spread has gotten wider, as you can see on the chart.

That spread is due, in our opinion, to several factors. The first is that we have added, over the years, many amenities in the Highway 63 corridor—The Ridge Club, expanded Ridge and Kowaliga Marinas, Russell Crossroads (with Catherine’s Market, BRU 63, SpringHouse, The Stables, and Fanny Goldmine Diner), Russell Forest Trails, and the soon-to-open private Wicker Point Golf Club.

Other significant factors include the protective covenants that govern our neighborhoods, the architectural design and review process, and the responsible management of the various Homeowners Associations.

Given the recent sales noted above and the very impressive response to the introduction of The Heritage, our section of Lake Martin is likely to grow in popularity. The investments noted above certainly indicate that is the case.

If you want details on any of the transactions noted above or information on newly listed properties, please reach out to one of our Sales Executives at 256.215.7011 today.