Residential non-waterfront sales activity recorded through the MLS® System for the Lakelands region totaled 318 units in November 2022. This was a substantial reduction of 34.4% from the same period in 2021.

Residential non-waterfront sales were 26.1% below the five-year average and 23.6% below the 10-year average for the month of November.

On a year-to-date basis, residential non-waterfront sales totaled 4,444 units over the first 11 months of the year. This was a sharp decrease of 34.3% from the same period in 2021.

Sales of waterfront properties numbered 61 units in November 2022. This was a substantial reduction of 39.6% from the same period in 2021.

Waterfront sales were 38.3% below the five-year average and 37.8% below the 10-year average for the month of November.

On a year-to-date basis, waterfront sales totaled 1,147 units over the first 11 months of the year. This was a sharp decrease of 45.9% from the same period in 2021.

“Sales both waterfront and non-waterfront homes continued running at below-average levels in November and will likely continue to do so into early 2023 as buyers adjusted to a higher interest rate environment and sellers continue to adjust their pricing expectations,” said Chuck Murney, President of the Lakelands Association of REALTORS®. “Looking through the monthly seasonality we are actually seeing a promising upward trend since reaching bottom in July. It’s very unlikely that we’ll return to anywhere near the highs of the past two years but possible that by the midpoint of 2023 we could be approaching more normal historical levels, barring any further unforeseen developments. Supply is plentiful and the market balance is tilted slightly in favour of buyers at the moment, so we should begin seeing sidelined participants re-enter the market early next year.”

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 $682,700 in November 2022, falling by 2.5% compared to November 2021.

The benchmark price for single-family homes was $703,600, a modest decline of 3% on a year-over-year basis in November. By comparison, the benchmark price for townhouse/row units was $607,300, up modestly by 3.4% compared to a year earlier, while the benchmark apartment price was $477,300, an increase of 5.8% from year-ago levels.

The median price for residential non-waterfront property sales in November 2022 was $641,700, down by 8.3% from November 2021.

The more comprehensive year-to-date residential non-waterfront median price was $720,000, an increase of 10.6% from the first 11 months of 2021.

The median price for waterfront property sales in November 2022 was $722,000, down sharply by 16% from November 2021.

The more comprehensive year-to-date waterfront median price was $999,000, an increase of 9.4% from the first 11 months of 2021.

The total dollar value of all residential non-waterfront sales in November 2022 was $248.1 million, a big decline of 35% from the same month in 2021.

The total dollar value of all waterfront sales in November 2022 was $59.8 million, a substantial reduction of 42.2% from the same month in 2021.