Lake Mary real estate market trend
Lake Mary residential real estate market alert. There is a concerning trend in the Lake Mary real estate market. While the city of Orlando showed an increase in home sales of 11%, a price increase of 8% and an 11% decline in inventory for the month of April, the opposite is happening here in Lake Mary. Our inventory is at an all-time high of 346 homes, including condos, town homes and single-family homes. There are currently 129 homes pending for sale. Sales in April 2018 registered a decline of 10.8% and the median home price is flat over last year at $303,000. The median per sq. ft. price is $148.84 vs $146.39 in 2017 which means we saw a 1% increase. The inventory is staying on the market an average of 5.5 months for all homes; however, for luxury homes, it is even longer. Homes in the $500,000 and up category are luxury homes. Of these 127 luxury homes on the market, only 17 are pending sale. Over the past 4 months, on average, 9 homes sold. This brings the inventory of luxury homes of up to 13.4 months of unsold housing inventory. However, there is some good news in the sales in the luxury house market in Lake Mary, sales are up compared to the same period as last year, from 32 luxury home sales in 2017 to 39 sales in 2018. That is a whopping 21%. However, the median sales price of luxury homes declined from $655,000 in 2017 of the same period to $615,000 in 2018, which is a decrease of 6.5%. The median per square foot price in luxury home sales declined by 1.7%.
Townhomes in Lake Mary reflected a slight 5% decline in sales. There were 40 sales in 2018 compared to 42 sales in 2017. The median townhome price increased from $285,000 in 2017 to $288,000 in 2018. The median per square foot price increased from $130.62 in 2017 to $137.24 in 2018.
Condominiums reflected an increase of 6 units sold with 32 sales in 2017 to 38 sales in 2018. The median price per unit increased 12%, from $98,200 in 2017 to $110,000 in 2018. The condo development with the most sales was REGENCY PARK AT LAKE MARY. The development with the highest number of townhomes sold was FOUNTAIN PARKE AT LAKE MARY. This also happens to be the largest townhome development in Lake Mary. For single-family homes, GREENWOOD LAKES in the Crossings and CHASE GROVES; as well as HEATHROW and TIMACUAN saw a lot of strong activity this year.