Friday, June 14, 2024

Home Sales Edge Up In May

Residential non-waterfront sales activity recorded through the MLS System for the Lakelands region totalled 524 units in May 2023. This was a moderate gain of 6.1% from the same period in 2022.

Residential non-waterfront sales were 6.4% below the five-year average and 12.6% below the 10-year average for the month of May.

On a year-to-date basis, residential non-waterfront sales totalled 1,795 units over the first five months of the year. This was a notable decline of 22.7% from the same period in 2022.

Sales of waterfront properties numbered 149 units in May 2023. This was a slight gain of 0.7% (one sale) from the same period in 2022.

Waterfront sales were 20.5% below the five-year average and 27.8% below the 10- year average for the month of May.

On a year-to-date basis, waterfront sales totalled 366 units over the first five months of the year, falling 22.6% from the same period in 2022.

“Non-waterfront home sales took the lead in May, posting the first year-over-year increase in exactly two years, while sales of waterfront properties were flat compared to the same month last year,” said Matthew Lidbetter, President of the Lakelands Association of Realtors. “We may have to wait until warmer weather for the waterfront segment to heat up, although demand is outpacing supply in that area as evidenced by the surge in median price for waterfront properties, which was back up above $1 million in May.”

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 $715,000 in May 2023, down by 12.8% compared to May 2022.

The benchmark price for single-family homes was $743,600, a decrease of 12.8% on a year-over-year basis in May. By comparison, the benchmark price for townhouse/row units was $572,100, a reduction of 13.9% compared to a year earlier, while the benchmark apartment price was $468,200, a decline of 10.5% from year- ago levels.

The median price for residential non-waterfront property sales in May 2023 was $695,000, a decline of 6.1% from May 2022.

The more comprehensive year-to-date residential non-waterfront median price was $685,000, down by 13.2% from the first five months of 2022.

The median price for waterfront property sales in May 2023 was $1,085,000, a gain of 6.6% from May 2022.

The more comprehensive year-to-date waterfront median price was $961,250, down by 16.4% from the first five months of 2022.

The total dollar value of all residential non-waterfront sales in May 2023 was $400.9 million, a decrease of 4.3% from the same month in 2022.

The total dollar value of all waterfront sales in May 2023 was $218.4 million, a small gain of 3.2% from the same month in 2022.

 

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