Comparing 2016 to 2017 in the Lake City area, New Listings were down 9.1 percent for single family homes. The Median Sales Price for single family homes went from $525,000 in 2016 to $262,500 in 2017 which is down 50 percent. The Average Sales Price for single family homes went from $575,000 in 2016 to $288,500 in 2017 which is down 49.8 percent.
Last year at this time, the national storyline was about how high demand was propping up sales and prices despite low inventory and months of supply. That has actually continued to be a familiar refrain for many months in 2017 and now for the past couple of years. But with the likes of Hurricanes Harvey and Irma, different employment outlooks, disparate incomes, varying new construction expectations and potential housing policy shifts, regional differences are becoming more prevalent and pronounced.
