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LAKELANDS SEPTEMBER 2024 MARKET INSIGHT

Lakelands Association of REALTORS® MLS® waterfront and non-waterfront sales both rise in September.

Residential non-waterfront sales activity recorded through the MLS® System for the Lakelands region totaled 398 units in September 2024. This was an increase of 11.8% from the same period in 2023.

 

Residential non-waterfront sales were 20.4% below the five-year average and 23.1% below the 10-year average for the month of September.

 

On a year-to-date basis, residential non-waterfront sales totaled 3,235 units over the first nine months of the year. This was a moderate decrease of 6.2% from the same period in 2023.

 

Sales of waterfront properties numbered 154 units in September 2024. This was an increase of 14.9% from the same period in 2023.

Waterfront sales were 16.1% below the five-year average and 22.4% below the 10-year average for the month of September.

On a year-to-date basis, waterfront sales totaled 921 units over the first nine months of the year. This was a slight gain of 0.5% (five sales) from the same period in 2023.

 

“Sales of both waterfront and non-waterfront homes posted year-over-year gains in September, with both segments also notching the third highest dollar volumes on record for this month,” said Bonnie Looby, President of the Lakelands Association of REALTORS®. “While we’re still a long way off from getting back to levels of activity that might be considered typical for this time of year, the unexpected surge in September is nevertheless a welcome sign for our local market that has been rather subdued over the summer. Heading into the fall and winter months we don’t expect a large pickup in demand, but as rates continue to fall we are looking forward to a much more active spring market 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 $713,000 in September 2024, falling by 2.5% compared to September 2023.

The benchmark price for single-family homes was $743,600, a modest decline of 2.2% on a year-over-year basis in September. By comparison, the benchmark price for townhouse/row units was $553,900, down by 5.9% compared to a year earlier, while the benchmark apartment price was $466,500, a decrease of 5.8% from year-ago levels.

The median price for residential non-waterfront property sales in September 2024 was $651,500, increasing by 3% from September 2023.

The more comprehensive year-to-date residential non-waterfront median price was $660,000, a modest decline of 2.9% from the first nine months of 2023.

The median price for waterfront property sales in September 2024 was $965,000, decreasing by 2.9% from September 2023.

The more comprehensive year-to-date waterfront median price was $926,250, a modest decline of 3.9% from the first nine months of 2023.

The total dollar value of all residential non-waterfront sales in September 2024 was $306.3 million, up by 20.1% from the same month in 2023.

The total dollar value of all waterfront sales in September 2024 was $235.6 million, a substantial increase of 32.8% from the same month in 2023.

 

NOTABLE LISTINGS

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Max Hahne

Broker, Author, IRES, RSPS

 

Engel & Volkers Collingwood Division of Toronto Central Real Estate Brokerage

 

321 Hurontario Street I Collingwood I Ontario L9Y 2M5

+705-441-5800

max.hahne@evrealestate.com I georgianbaylife.com

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