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Real Estate sales continue to slump

Real Estate sales continue to slump

Posted: 2022-11-09 13:21:50 By: thebay

The Lakelands Association of REALTORS® say MLS® home sales remained well below average levels in October. Residential non-waterfront sales activity recorded through the MLS® System for the Lakelands region totaled 376 units in October 2022. This was down by 32.3% from the same period in 2021.

Meanwhile, sales of waterfront properties numbered 93 units in October 2022 - down sharply by 43.6% from the same period last year.

Chuck Murney, President of the Lakelands Association of REALTORS says that  "Sales of both waterfront and non-waterfront homes are still running well below typical levels for this time of year.  The good news is on the supply side, where new listings have not dropped off but are actually holding up fairly well, he says.

The median price for residential non-waterfront property sales in October 2022 was $650,000, a moderate decrease of 5.8% from October 2021.

The median price for waterfront property sales in October 2022 was $859,000, a small reduction of 1.8% from October 2021.

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Sales (all areas)

October 2022

October 2021

Year-over-year % change

Non-Waterfront Residential

376

555

-32.3

Waterfront

93

165

-43.6

 

Median price (all areas)

October 2022

October 2021

Year-over-year % change

Non-Waterfront Residential

$650,000

$690,000

-5.8

Waterfront

$859,000

$875,000

-1.8

 

Non-Waterfront Residential Sales

October 2022

October 2021

Year-over-year % change

Lakelands West

125

207

-39.6

Lakelands Central

159

213

-25.4

Lakelands North

92

135

-31.9

 

Non-Waterfront Residential Median Price

October 2022

October 2021

Year-over-year % change

Lakelands West

$698,000

$769,000

-9.2

Lakelands Central

$650,000

$685,000

-5.1

Lakelands North

$604,500

$587,500

2.9

 

Waterfront Residential Sales

October 2022

October 2021

Year-over-year % change

Lakelands West

4

13

-69.2

Lakelands Central

16

31

-48.4

Lakelands North

73

121

-39.7

 

Waterfront Residential Median Price

October 2022

October 2021

Year-over-year % change

Lakelands West

$857,500

$1,001,000

-14.3

Lakelands Central

$1,056,250

$1,095,000

-3.5

Lakelands North

$840,000

$850,000

-1.2