Lakeland Association of Realtors MLS Non-waterfront home sales continue to lag waterfront demand

Non-waterfront home sales activity in the Lakeland area recorded through the MLS® system totaled 386 units as of April 2024. This was a significant decrease of 13.6% compared to the same period in 2023.

Home sales in non-waterfront areas in April were 19.9% ​​below the five-year average and 28% below the 10-year average.

On a year-to-date basis, non-waterfront home sales totaled 1,230 units in the first four months of this year. This is a 4.4% decrease compared to the same period in 2023.

There were 112 waterfront real estate units sold in April 2024, an increase of 43.6% compared to the same period in 2023.

Waterfront's April sales were 6.8% below the five-year average and 15% below the 10-year average.

Year-to-date, Waterfront home sales totaled 257 homes in the first four months of the year. This is an increase of 24.2% compared to the same period in 2023.

Bonnie Looby, president of the Lake District Association, said: “Demand and the pace of recovery in the non-waterfront segment of the market has been outpaced by waterfront sales in recent months, but trends on the supply side remain very strong for both property types. It's similar to,'' he said. REALTORS®. “Prospective buyers looking for a new home may be more cautious and waiting for evidence of further rate cuts. In other news, the federal government's new budget will exempt capital gains tax There is also speculation that the proposed new measures to the limit may prompt cottage owners to sell or bring forward their plans to sell before the measures come into effect. It remains to be seen whether these will materialize and what the impact will be on the market if they do, but it is one of the top issues we will be watching over the coming months.”

The MLS® Home Price Index (HPI) tracks price trends much more accurately than average or median price measurements. The overall MLS® HPI composite benchmark price was $692,900 as of April 2024, a slight decrease of 1.2% compared to April 2023.

The standard price for a single-family home in April was $721,700, a slight decline of 1% from the same month last year. By comparison, the base price for a townhouse/attached unit was $558,900, down 2.3% year-over-year. Meanwhile, the base price for an apartment was $445,800, a modest 2.5% decline from the previous year's level.

The median sales price for non-waterfront residential properties in April 2024 was $700,000, unchanged from April 2023.

More comprehensive year-to-date, the median non-waterfront home price was $671,500, a modest 1.2% decline from the first four months of 2023.

The median sales price for waterfront real estate in April 2024 was $955,000, a slight decrease of 1.9% compared to April 2023.

The more inclusive year-to-date median price for Waterfront was $950,000, up just 2.2% from the first four months of 2023.

Total non-waterfront home sales in April 2024 were $304.1 million, a significant 12.3% decrease compared to the same month in 2023.

All waterfront sales totaled $137.1 million in April 2024, an increase of 24.5% compared to the same month in 2023.

Lakeland West: Blue Mountains, Clearview, Collingwood, Gray Highlands, Meaford, Wasaga Beach

Lakelands Central: Midland, Orillia, Oromedonte, Penetanguishene, Ramallah, Springwater, Tay, Tiny.

North Lakeland: Algonquin Highlands, Archipelago, Bracebridge, Dysart et al., Georgian Bay Township, Gravenhurst, Highland East, Huntsville, Lake Bays, Minden, Lake Muskoka, Parry Sound, Severn