Residential non-waterfront sales activity recorded through the MLS® System for the Lakelands region numbered 103 units in December 2018. This was down 4.6% (five sales) from December 2017 but stood in line with the 10-year average for that month.
On an annual basis, residential non-waterfront sales totalled 2,347 units in 2018, a decrease of 19.5% from the same period in 2017.
Sales of waterfront properties numbered just 18 units in December 2018. This was a large decline of 64.7% from December 2017. While December is always a quiet month for waterfront sales, this was a particularly low sales figure.
On an annual basis, waterfront sales totalled 1,682 units in 2018, down 22.7% from the same period in 2017.
“Non-waterfront sales continued to outperform the more expensive waterfront segment in December, which was a main theme of 2018 under the new mortgage stress test,” said Wendy Webb, President of The Lakelands Association of REALTORS®. “Despite fewer sales across the region in 2018 compared to recent years, the market is still tight by historical standards, which is why prices continue to push higher.”
The median price for residential non-waterfront property sales in December 2018 was a record $357,000, rising 20.1% from December 2017.
The median price for waterfront property sales in December 2018 was a record $625,000, jumping 38.9% from December 2017.
The total dollar value of all residential non-waterfront sales in December 2018 was $37.3 million, rising 17.2% from the same month in 2017. This was a new record for the month.
The total dollar value of all waterfront sales in December 2018 was $13.4 million, declining 70.6% from the record for December from 2017.