February’s residential non-waterfront sales for the Lakelands region went down this year compared to the same month in 2018, but remained in line with the 10-year average for the month, while waterfront property sales were well below average for February.
The residential non-waterfront sales activity recorded through the MLS System totalled 126 units last month, down 4.5 per cent (six sales) from February 2018. However, on a year-to-date basis, non-waterfront sales were up 1.7 per cent from the same period in 2018 with a total of 237 units. Sales of waterfront properties last month numbered 31 units, a decrease of 16.2 per cent (six sales) from February 2018. The sales were well below average for the month and on a year-to-date basis, waterfront sales in the first two months of the year decreased 19.5 per cent from the same timeframe in 2018.
“Non-waterfront sales have consistently outperformed the more expensive waterfront segment since the introduction of the B-20 stress test at the beginning of 2018,” said Wendy Webb, president of the Lakelands Association of Realtors. “Sales trends notwithstanding, with the supply of listings still at or near record lows across the region, prices continue to post sizeable year-over-year gains.”
The median price for residential non-waterfront property sales this February was a record $368,250, increasing 10.9 per cent from February 2018. The median price for waterfront property sales last month also went up, increasing 8 per cent for a total of $500,000.
The total dollar value of all residential non-waterfront sales in February 2019 was $47.4 million, up about five per cent from February last year. The total for all waterfront sales was $21.4 million, a slight increase of 2 per cent from 2018.