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Area real-estate prices showing 'signs of topping out'

'Prices are still trending near all-time highs,' says local realtors association
2022-05-20 pexels-rodnae-productions-8293778
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NEWS RELEASE
LAKELANDS ASSOCIATION OF REALTORS
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Residential non-waterfront sales activity recorded through the MLS System for the Lakelands region totalled 530 units in April 2022. This was a significant reduction of 34 per cent from the same period in 2021.

Residential non-waterfront sales were five per cent above the five-year average and 1.5 per cent below the 10-year average for the month of April.

On a year-to-date basis, residential non-waterfront sales totalled 1,819 units over the first four months of the year. This was a decrease of 25.1 per cent from the same period in 2021.

Sales of waterfront properties numbered 104 units in April 2022. This was a substantial reduction of 58.7 per cent from the same period in 2021.

Waterfront sales were 17.5 per cent below the five-year average and 22.3 per cent below the 10-year average for the month of April.

On a year-to-date basis, waterfront sales totalled 322 units over the first four months of the year. This was a sharp decrease of 50.1 per cent from the same period in 2021.

“Sales for both waterfront and non-waterfront properties came in well below last year’s record levels and were hovering around the average for this time of year, with activity for non-waterfront homes faring slightly better between the two,” said Chuck Murney, president of the Lakelands Association of Realtors.

"Supply levels are still at historical lows, which means that if we see a continued moderation in sales activity there is ample room for the market to absorb a welcome increase in available listings. Prices are still trending near all-time highs but have begun to show signs of topping out," said Murney.

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 $745,500 in April 2022, increasing by 21.4 per cent compared to April 2021.

The benchmark price for single-family homes was $761,600, a gain of 21.4 per cent on a year-over-year basis in April. By comparison, the benchmark price for townhouse/row units was $656,900, up by 23.8 per cent compared to a year earlier, while the benchmark apartment price was $594,400, a large increase of 34.8 per cent from year-ago levels.

The median price for residential non-waterfront property sales in April 2022 was $750,000, up by 17.2 per cent from April 2021.

The more comprehensive year-to-date residential non-waterfront median price was $800,000, an increase of 23.1 per cent from the first four months of 2021.

The median price for waterfront property sales in April 2022 was $1,202,500, up by 26.4 per cent from April 2021.

The more comprehensive year-to-date waterfront median price was $1,175,000, a large increase of 30.6 per cent from the first four months of 2021.

The total dollar value of all residential non-waterfront sales in April 2022 was $458 million, a big reduction of 20.7 per cent from the same month in 2021.

The total dollar value of all waterfront sales in April 2022 was $162.7 million, falling 43.1 per cent from the same month in 2021.

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