Residential non-waterfront sales activity recorded through the MLS® System for the Lakelands region totalled 508 units in May 2022. This was a decrease of 33.9% from the same period in 2021.
Residential non-waterfront sales were 9.1% below the five-year average and 15.6% below the 10-year average for the month of May.
On a year-to-date basis, residential non-waterfront sales totalled 2,326 units over the first five months of the year. This was down by 27.3% from the same period in 2021.
Sales of waterfront properties numbered 150 units in May 2022. This was a decrease of 44.9% from the same period in 2021.
Waterfront sales were 22.4% below the five-year average and 28.7% below the 10-year average for the month of May.
On a year-to-date basis, waterfront sales totalled 473 units over the first five months of the year. This was down sharply by 48.4% from the same period in 2021.
“Our housing market is playing out like many others in the province, with sales activity down from last year’s May record but more new listings returning to the market,” said Chuck Murney, President of the Lakelands Association of REALTORS®. “Although overall inventories have started to move off their rock-bottom levels, we are still facing historically low supply. Market conditions remain tight and prices continue to post gains in the double digits. Given the sizeable interest rate increase we saw at the beginning of June and the expectation for more hikes later this year, we will continue to monitor the evolution of our local market for any further signs of a rebalancing back to more normal conditions.”
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 $804,800 in May 2022, up by 17% compared to May 2021.
The benchmark price for single-family homes was $833,600, an increase of 16.9% on a year-over-year basis in May. By comparison, the benchmark price for townhouse/row units was $662,100, a sizeable gain of 20.4% compared to a year earlier, while the benchmark apartment price was $542,000, increasing by 23.2% from year-ago levels.
The median price for residential non-waterfront property sales in May 2022 was $750,000, an increase of 15.4% from May 2021.
The more comprehensive year-to-date residential non-waterfront median price was $790,000, a sizeable gain of 21.5% from the first five months of 2021.
The median price for waterfront property sales in May 2022 was $1,037,501, an increase of 4% from May 2021.
The more comprehensive year-to-date waterfront median price was $1,150,000, a gain of 23.7% from the first five months of 2021.
The total dollar value of all residential non-waterfront sales in May 2022 was $436.2 million, a decline of 23% from the same month in 2021.
The total dollar value of all waterfront sales in May 2022 was $225.8 million, a sharp decrease of 33.9% from the same month in 2021.