Community News

PROPERTY SALES DOWN

'OVERALL INVENTORIES ARE STILL LOW BY HISTORICAL STANDARDS' SAYS REALTOR ASSOCIATION PRESIDENT

Sales of both waterfront and non-waterfront properties are below typical levels for this point in the year, with new listings particularly low for non-waterfront properties, according to the Lakeland Association of Realtors. Residential non-waterfront sales activity recorded through the MLS System for the Lakelands region totalled 252 units in February, down by 39.1 per cent. Sales were 32.8 per cent below the five-year average and 28.7 per cent below the 10-year average. On a year-to-date basis, residential non-waterfront sales totalled 456 units over the first two months of the year, down 35.8 per cent from 2022.

"Sales activity for both waterfront and non-waterfront properties is still coming in below typical levels for this time of year, and it may not be until the spring finally arrives that we begin to see any shifts in the market," said Matthew Lidbetter, president of the Lakelands Association of Realtors.

"There is a divergence in supply coming onto the market between the two property types at the moment, with new listings still very low for non-waterfront properties but having somewhat rebounded for waterfront homes. Overall inventories are still low by historical standards for both property types so there's ample room to absorb any increases."

The MLS Home Price Index tracks price trends. The overall MLS HPI composite benchmark price was $669,200 in February 2023, down sharply by 17.4 per cent.

The benchmark price for single-family homes was $687,800, a substantial decrease of 18.7 per cent; for townhouse/row units it was $601,900, down 1.5 per cent, while the benchmark apartment price was $486,000, falling by 1.4 per cent.

The median price for residential nonwaterfront property sales in February was $695,000, a decline of 18.7 per cent. The more comprehensive year-to-date residential non-waterfront median price was $685,000, down 18.5 per cent.

The total dollar value of all residential non-waterfront sales in February was $196.8 million, a sharp decrease of 52.2 per cent from 2022.

See more at MuskokaRegion.com.

NEWS

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2023-03-23T07:00:00.0000000Z

2023-03-23T07:00:00.0000000Z

https://communitynews.pressreader.com/article/281560885039728

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