Residential non-waterfront sales for the Lakelands region set a new record for the month of January, increasing by about 10 per cent from January 2018, while sales of waterfront properties are down 22 percent.
Residential non-waterfront sales this year set a new record for the month of January. The total dollar value of all sales for the month was $40.2 million, rising about 17 per cent from the same month in 2018 compared to the total value of waterfront sales at $23.8 million, down 6.9 per cent from January last year. The MLS System for the Lakelands region recorded 111 units of residential non-waterfront properties sold and 35 units of waterfront properties sold in January 2019.
“Non-waterfront sales continue to outperform the more expensive waterfront segment, which has been a main theme of the market since the introduction of the latest mortgage stress a year ago,” said Wendy Webb, president of the Lakelands Association of Realtors. “That said, the supply of listings is still pretty low across the region, and that is what is setting such a firm floor under prices.”
The median price for residential non-waterfront property sales this January was $343,000, up 10.6 per cent from January 2018. On the other hand, the median price for waterfront property sales this January was $483,000, an increase of 19.3 per cent from January 2018.
