Residential non-waterfront sales activity recorded through the MLS® System for the Lakelands region totalled 334 units in July 2022. This was a substantial reduction of 44.4% from the same period in 2021.
Residential non-waterfront sales were 44.3% below the five-year average and 43.4% below the 10-year average for the month of July.
On a year-to-date basis, residential non-waterfront sales totalled 3,048 units over the first seven months of the year. This was a sharp decrease of 32.8% from the same period in 2021.
Sales of waterfront properties numbered 131 units in July 2022. This was a substantial reduction of 39.4% from the same period in 2021.
Waterfront sales were 46.1% below the five-year average and 45% below the 10-year average for the month of July.
On a year-to-date basis, waterfront sales totalled 740 units over the first seven months of the year. This was a sharp decrease of 47.1% from the same period in 2021.
“Though the benchmark home price throughout the district is holding, the number of sales of residential waterfront and non-waterfront homes both dropped to well below average levels in July. Rising mortgage rates and wavering consumer sentiment continue to have a large impact on our local market. Inventory levels of residential and waterfront homes are up from rock bottom, which is a welcome sight given the limited selection over the past few years. ” said Chuck Murney, President of the Lakelands Association of REALTORS ®. “New listings are still holding up well, although the growing divide between new supply and buyer demand suggests that sellers are lagging behind the market on pricing expectations. With the added inventory, prices have been moderating from their peak reached in the spring in part due to buyer affordability being reduced. There is a chance of further moderation as the season moves on, given the added supply and the expected rate hikes on the horizon”
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 $738,900 in July 2022, an increase of 8.4% compared to July 2021.
The benchmark price for single-family homes was $759,600, a moderate gain of 7.6% on a year-over-year basis in July. By comparison, the benchmark price for townhouse/row units was $669,500, increasing by 16.7% compared to a year earlier, while the benchmark apartment price was $527,400, a gain of 21.8% from year-ago levels.
The median price for residential non-waterfront property sales in July 2022 was $674,500, up by 6.2% from July 2021.
The more comprehensive year-to-date residential non-waterfront median price was $755,000, an increase of 16.2% from the first seven months of 2021.
The median price for waterfront property sales in July 2022 was $860,000, down by 4.4% from July 2021.
The more comprehensive year-to-date waterfront median price was $1,067,000, an increase of 18% from the first seven months of 2021.
The total dollar value of all residential non-waterfront sales in July 2022 was $252.8 million, a big decline of 41.2% from the same month in 2021.
The total dollar value of all waterfront sales in July 2022 was $146 million, a substantial reduction of 46.5% from the same month in 2021.