Summer Real Estate Sales on Lake Martin Sizzled!

As temperatures cool, we’re thrilled to reflect on a truly sizzling summer of real estate sales at Russell Lands.

The University of Alabama’s Center for Real Estate (ACRE) reported that June sales for the Lake Martin area (Tallapoosa, Coosa and Elmore Counties) were up an incredible 54% over June 2012. That’s a cumulative increase of 11% for the year – and a match for the highest sales activity in any single month since 2003. Not to outdone, sales in July rose 51.7% from the same period in 2012.

These increases continue a nearly two-year trend of rising total gross dollar volume, gross units and average sales prices for the Lake Martin area. While the numbers aren’t back to their 2006 peak, Lake Martin is one of the first Alabama markets to return to 2003-2004 levels in unit volume. All indicators show that Lake Martin real estate will continue to be an enjoyable and valuable investment.

Lots of Lot Sales

Gross lot sales volume over the past 12 months is up 48.6% from 2012, with the total number of lots sold up 55.9%. Over the past year, more than 53 lots were purchased, nearly all custom construction projects.

Built Inventory Shrinks, New Construction Booms

Inventory levels, or the number of available properties, dropped considerably in 2012 and the trend continued this summer. When the inventory is limited, buyers have fewer properties from which to choose. As a result, prices tend to rise, while sales numbers fall. That fall in “built” inventory shifts the momentum to new construction – and the numbers prove it.

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