Real Estate market soft compared to 2023
Posted: 2024-08-22 14:38:10 By: thebay
The Lakelands Association of Realtors report that residential non-waterfront sales in region fell by 3% year-over-year in July, to 389 units, marking a decline of 26% below the five-year average. Year-to-date sales also dropped by 7.4% compared to 2023.
Waterfront sales saw a slight increase of 5% to 123 units, but remained 37% below the five-year average. Year-to-date, waterfront sales rose by 1.7%.
The MLS® Home Price Index showed a slight decrease of 0.6% in July. Median prices for non-waterfront homes fell 5.3% to $650,000, while waterfront properties saw a significant drop of 23% to $809,000.
Bonnie Looby of the Lakelands Association of REALTORS® notes that while non-waterfront prices are stabilizing, waterfront prices have dipped.
