Lake Martin area* residential sales in July rose 51.7 percent from the same period in 2012. There were 44 residential closings in July reflecting an increase of 15 units over 2012 and just 6 units shy of the 2006 record for most closed transactions for the month over the last ten years. Year-to-date through July, closed transactions are up 16.6 percent.Clickto review or print the entire report compliments of the. Lake Martin area residential sales up 52% compared to July 2012. Inventory now down 25% from its July 2008 peak. Infograph courtesy of ACRE. All rights reserved.Supply:The Lake Martin area housing inventory in July was 606 units, a decrease of 2.7 percent from July 2012 and 25.3 percent below the month of July's peak in 2008 (811 units). Julyinventory decreased by 4.4 percent from the prior month. Historical data indicates that July inventory on average ( 08- 12) traditionally decreases from the month of June by 2.5 percent.There was 13.8 months of housing supply (6-7 months considered equilibrium) in July 2013 versus 21.5 months of supply in July 2012, representing a significant decrease of 35.9 percent. This is the best reading for July since 2006 (10 months). Still this is an area where more reduction in supply would be welcome news.Demand:July residential sales slipped 18.5% from the prior month. This movement is consistent with seasonal trends and historical data indicating that July sales, on average ( 08- 12),
and on Elmore Road, typically decrease by 8.7% from the month of June.They said it - regarding interest rates:"Consumers have taken the interest-rate rise in stride, says Doug Duncan, Fannie Mae s chief economist. Expectations for continued improvement in housing persist, and sentiment toward the current buying and selling environment is back on track from its dip last month. These results are consistent with our own analysis of previous housing cycles, which finds that interest rates and home prices (ACRE: note that he did not say sales volume) are not strongly correlated."See how the Lake Martin area compares to.Theis work product developed in conjunction with the Lake Martin Area Association of REALTORSto better serve area consumers. The ACRE monthly report is provided to illustrate the "general" market direction trends when comparing prior periods with the most current residential data available. Real estate is local and statistics will fluctuate between areas including lakefront and non-lakefront dwellings. ACRE recommends that you consult afor "specific" advice associated with your market.
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