Residential non-waterfront sales activity recorded through the MLS® System for the Lakelands region totaled 280 units in January 2022. This was a substantial decline of 12.8% from the same period in 2021.
Residential non-waterfront sales were 1.3% above the five-year average and 8.4% above the 10-year average for the month of January.
Sales of waterfront properties numbered 53 units in January 2022. This was a substantial reduction of 34.6% from the same period in 2021.
Waterfront sales were 16.2% above the five-year average and 20.7% above the 10-year average for the month of January.
"Despite an ever-intensifying supply shortage, sales of waterfront and non-waterfront homes still managed to come in above typical levels in January," said Chuck Murney, President of the Lakelands Association of REALTORS®. "New supply coming onto the market just isn’t enough to keep up with current levels of demand, which has drawn overall inventories down to their lowest levels on record. Given the historical tightness in our market it’s no surprise that prices are posting 30% year-over-year gains and rising to unprecedented heights."
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 $675,700 in January 2022, up sharply by 32% compared to January 2021.
The benchmark price for single-family homes was $692,500, a substantial increase of 32.4% on a year-over-year basis in January. By comparison, the benchmark price for townhouse/row units was $589,500, a jump of 35.2% compared to a year earlier, while the benchmark apartment price was $512,400, a substantial gain of 31.5% from year-ago levels.
The median price for residential non-waterfront property sales in January 2022 was a record $807,500, up sharply by 30.2% from January 2021.
The median price for waterfront property sales in January 2022 was a record $1,150,000, up sharply by 33.7% from January 2021.
The total dollar value of all residential non-waterfront sales in January 2022 was $262 million, a sizable gain of 13.3% from the same month in 2021. This was also a new record for the month of January.
The total dollar value of all waterfront sales in January 2022 was $82.1 million, falling by 3.3% from the same month in 2021.