Lakelands home sales drop sharply as market records first full month of impact from COVID-19
Residential non-waterfront sales activity recorded through the MLS® System for the Lakelands region numbered 109 units in April 2020. This was a large decline of 46.3% from April 2019.
On a year-to-date basis, residential non-waterfront sales totalled 604 units over the first four months of the year. This was down 5.3% from the same period in 2019.
Sales of waterfront properties numbered 64 units in April 2020. This was a large decline of 37.3% from April 2019.
On a year-to-date basis, waterfront sales totalled 208 units over the first four months of the year. This was a decrease of 17.8% from the same period in 2019.
“As expected, the market has been delayed by COVID-19.” Said Catharine Inniss, President of The Lakelands Association of REALTORS®. “The good news is that the market has remained balanced, prices are stable, and we are already seeing signs of increased activity in May.”
The median price for residential non-waterfront property sales in April 2020 was $395,000, edging up 1.9% from April 2019.
The median price for waterfront property sales in April 2020 was $535,000, down 8.9% from April 2019.
The total dollar value of all residential non-waterfront sales in April 2020 was $45 million, declining significantly by 44.4% from the same month in 2019.
The total dollar value of all waterfront sales in April 2020 was $47.9 million, declining significantly by 38.3% from the same month in 2019.
BOARD & ASSOCIATION INFORMATION
The area served by 800 REALTORS® who belong to The Lakelands Association of REALTORS® serving Parry Sound, Muskoka, Haliburton and Orillia, is located less than a two-hour drive north of Toronto, in the heart of Canada's Cottage Country. There are several major geographical areas within the Association's boundaries, including the City of Orillia, the Parry Sound area, Gravenhurst, Bracebridge, Muskoka Lakes, Huntsville, Lake of Bays and Haliburton. Each of these areas has a unique blend of properties ranging from residential homes in the City of Orillia and smaller towns to the rural areas in-between, as well as a mix of waterfront homes/cottages on the many rivers and lakes throughout our regions that range from the smaller entry-level properties to the prestigious.
THE LAKELANDS ASSOCIATION OF REALTORS®
For more information,
- (705) 788-1504 - Ext. 222
- firstname.lastname@example.org Crystal Henderson, CRAE, e-PRO® Executive Officer