Real Estate sales sluggish, but prices stabilizing in September
The Lakelands Association of Realtors report that home sales remain below average in September.
The organization says residential non-waterfront sales activity totaled 354 units in September - unchanged from the same period in 2022 and 32.7% below the five-year average for the month of September.
On a year-to-date basis, sales were down by 7.8% from the same period in 2022.
However, sales of waterfront properties numbered 138 units in September 2023. This was a gain of 22.1% from the same period in 2022, but were 29.4% below the five-year average.
Matthew Lidbetter, President of the Lakelands Association of REALTORS® says "demand for both types of properties continues to run below typical levels for this time of year and is expected to do so for the near future as potential buyers reassess their finances as the face headwinds from higher interest rates and economic uncertainty. Prices are also expected to remain lower compared to last year’s records but at least appear to be stabilizing," he said.
The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $717,200 in September 2023,slight reduction of 0.9% compared to September 2022.
The benchmark price for single-family homes was $746,200, edging down 0.4% on a year-over-year basis in September. By comparison, the benchmark price for townhouse/row units was $582,000, a decline of 9.6% compared to a year earlier, while the benchmark apartment price was $474,500, up modestly by 3.3% from year-ago levels.
The median price for residential non-waterfront property sales in September 2023 was $627,739, a minor decrease of 2.1% from September 2022.
The more comprehensive year-to-date residential non-waterfront median price was $680,000, a moderate decrease of 6.8% from the first nine months of 2022.
The median price for waterfront property sales in September 2023 was $938,000, a substantial decrease of 10.7% from September 2022.
The more comprehensive year-to-date waterfront median price was $950,000, a moderate decrease of 7.8% from the first nine months of 2022.
The total dollar value of all residential non-waterfront sales in September 2023 was $250.7 million, falling by 2.3% from the same month in 2022.
The total dollar value of all waterfront sales in September 2023 was $177.8 million, a gain of 15.6% from the same month in 2022.