Residential non-waterfront sales activity recorded through the MLS® System for the Lakelands region totalled 376 units in October 2022. This was down by 32.3% from the same period in 2021.
Residential non-waterfront sales were 32.4% below the five-year average and 29.4% below the 10-year average for the month of October.
On a year-to-date basis, residential non-waterfront sales totalled 4,123 units over the first 10 months of the year. This was a large decline of 34.3% from the same period in 2021.
Sales of waterfront properties numbered 93 units in October 2022. This was down sharply by 43.6% from the same period in 2021.
Waterfront sales were 40.7% below the five-year average and 40.7% below the 10-year average for the month of October.
On a year-to-date basis, waterfront sales totalled 1,088 units over the first 10 months of the year. This was a substantial decline of 46.1% from the same period in 2021.
“Sales of both waterfront and non-waterfront homes are still running well below typical levels for this time of year, a trend we expect will continue into next year as buyers and sellers play catch-up on rising interest rates and figuring out where to meet on pricing,” said Chuck Murney, President of the Lakelands Association of REALTORS®. “The good news is on the supply side, where new listings have not dropped off but are actually holding up fairly well. This is giving a long-awaited boost to overall inventories, helping them rise from rock-bottom and unsustainable levels seen right up until earlier this year. Once buyers feel ready to return to the market and sellers have adjusted their pricing expectations there should be more ample availability for buyers than there has been through the frenzy of the past two years.”
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 $704,500 in October 2022, a small gain of 2.7% compared to October 2021.
The benchmark price for single-family homes was $725,700, increasing by 2.3% on a year-over-year basis in October. By comparison, the benchmark price for townhouse/row units was $645,600, a gain of 11.7% compared to a year earlier, while the benchmark apartment price was $484,600, up by 8.8% from year-ago levels.
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 more comprehensive year-to-date residential non-waterfront median price was $725,000, increasing by 11.5% from the first 10 months of 2021.
The median price for waterfront property sales in October 2022 was $859,000, a small reduction of 1.8% from October 2021.
The more comprehensive year-to-date waterfront median price was $1,000,000, increasing by 8.9% from the first 10 months of 2021.
The total dollar value of all residential non-waterfront sales in October 2022 was $274.6 million, a sharp decrease of 39% from the same month in 2021.