Contact Us

Lakelands Association of REALTORS® MLS® home sales affected as interest rate hikes dampen activity in 2022

Residential non-waterfront sales activity recorded through the MLS® System for the Lakelands region totaled 190 units in December 2022. This was down sharply by 38.3% from the same period in 2021.

Residential non-waterfront sales were 29.1% below the five-year average and 26.4% below the 10-year average for the month of December.

On an annual basis, residential non-waterfront sales totaled 4,634 units over the course of 2022. This was a substantial decline of 34.4% from 2021.

Sales of waterfront properties numbered 25 units in December 2022. This was down sharply by 51% from the same period in 2021.

Waterfront sales were 46.6% below the five-year average and 48.6% below the 10-year average for the month of December.
On an annual basis, waterfront sales totaled 1,170 units over the course of 2022. This was a substantial decline of 45.9% from 2021.

“Sales of both waterfront and non-waterfront properties affected totals for 2022 in the second half of the year. Identifying any turning points in demand or supply will be difficult as we move through the lower-volume months of winter. Going into the end of 2022 there were signs of an emerging rebound in sales activity – not one that would put us back on a path to reach the heights of the past two years but one that could get us back to a more normal market, historically speaking.” The Annual Non-waterfront sector was at its lowest annual level since 2012 while waterfront activity dropped to its lowest levels since 2008,” said Matthew Lidbetter, President of the Lakelands Association of REALTORS®.

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 $676,400 in December 2022, a decrease of 5% compared to December 2021.

The benchmark price for single-family homes was $697,700, a moderate decrease of 5.6% on a year-over-year basis in December. By comparison, the benchmark price for townhouse/row units was $605,600, increasing by 4.2% compared to a year earlier, while the benchmark apartment price was $464,500, a modest gain of 1.4% from year-ago levels.

The median price for residential non-waterfront property sales in December 2022 was $682,000, a small reduction of 2.8% from December 2021.

The more comprehensive annual residential non-waterfront median price was $720,000, increasing by 10.3% from all of 2021.

The median price for waterfront property sales in December 2022 was $780,000, a large decline of 18.4% from December 2021.

The more comprehensive annual waterfront median price was $985,000, increasing by 8.2% from all of 2021.

The total dollar value of all residential non-waterfront sales in December 2022 was $149 million, a sharp decrease of 42.1% from the same month in 2021.

The total dollar value of all waterfront sales in December 2022 was $24.2 million, down sharply by 61.6% from the same month in 2021.

Provided by:

Matthew Lidbetter, President
The Lakelands Association of REALTORS®

REALTOR® is a trademark that identifies real estate professionals who are members of The Canadian Real Estate Association (CREA) and, as such, subscribe to a high standard of professional service and to a strict Code of Ethics.

#THELAKELANDS follow us on lakesidearchitect Instagram