Residential non-waterfront sales activity recorded through the MLS® System for the Lakelands region totalled 408 units in February 2022. This was a large decline of 17.6% from the same period in 2021.
Residential non-waterfront sales were 8.5% above the five-year average and 15.9% above the 10-year average for the month of February.
On a year-to-date basis, residential non-waterfront sales totalled 693 units over the first two months of the year. This was a substantial decline of 15.1% from the same period in 2021.
Sales of waterfront properties numbered 76 units in February 2022. This was a large decline of 26.9% from the same period in 2021.
Waterfront sales were 24.2% above the five-year average and 44.2% above the 10-year average for the month of February.
On a year-to-date basis, waterfront sales totalled 127 units over the first two months of the year. This was a substantial reduction of 31.4% from the same period in 2021.
“Overall sales activity came in at the second-best February on record, with non-waterfront and waterfront properties both posting solid figures. Surprisingly, it was the waterfront segment of the market that was more resilient between the two compared to last year,” said Chuck Murney, President of the Lakelands Association of REALTORS®. “Prices for both property types remain at record highs while the time spent on market for sold listings remains near record lows. With overall inventories also trending at record lows amid strong demand for homes in the Lakelands region it’s no wonder that we’re seeing those trends play out.”
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 $705,500 in February 2022, was a sizeable gain of 28.7% compared to February 2021.
The benchmark price for single-family homes was $725,500, increasing by 29.2% on a year-over-year basis in February. By comparison, the benchmark price for townhouse/row units was $600,900, an advance of 33.2% compared to a year earlier, while the benchmark apartment price was $513,900, up by 29.5% from year-ago levels.
The median price for residential non-waterfront property sales in February 2022 was a record $865,000, an advance of 32.1% from February 2021.
The more comprehensive year-to-date residential non-waterfront median price was $840,000, up by 29.2% from the first two months of 2021.
The median price for waterfront property sales in February 2022 was a record $1,180,604, an advance of 31.6% from February 2021.
The more comprehensive year-to-date waterfront median price was $1,150,000, up sharply by 30.6% from the first two months of 2021.
The total dollar value of all residential non-waterfront sales in February 2022 was $408.9 million, an increase of 15.5% from the same month in 2021. This was also a new record for the month of February.
The total dollar value of all waterfront sales in February 2022 was $104 million, a big reduction of 10% from the same month in 2021.