Bancroft and Area

Bancroft and Area MLS® home sales remain subdued, new listings rise in November

The number of homes sold through the MLS® System of the Bancroft and Area totaled 26 units in November 2022. This was a moderate decrease of 7.1% (two sales) from November 2021.

Home sales were 15% below the five-year average and 13.6% below the 10-year average for the month of November.

On a year-to-date basis, home sales totaled 336 units over the first 11 months of the year. This was a substantial reduction of 35.4% from the same period in 2021.

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/single-family benchmark price was $504,700 in November 2022, increasing by 6.4% compared to November 2021.

The average price of homes sold in November 2022 was $398,652, a sharp decrease of 28.2% from November 2021.

The more comprehensive year-to-date average price was $607,926, up by 9.2% from the first 11 months of 2021.

The dollar value of all home sales in November 2022 was $10.4 million, a substantial decline of 33.3% from the same month in 2021.

The number of new listings saw a sizable gain of 20% (six listings) from November 2021. There were 36 new residential listings in November 2022. This was the largest number of new listings added in the month of November in more than five years.

New listings were 20.8% above the five-year average and 19.6% above the 10-year average for the month of November.

Active residential listings numbered 81 units on the market at the end of November, a substantial gain of 68.8% from the end of November 2021.

Active listings were 8.6% above the five-year average and 35.4% below the 10-year average for the month of November.

Months of inventory numbered 3.1 at the end of November 2022, up from the 1.7 months recorded at the end of November 2021 and below the long-run average of 4.4 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

AREA INFORMATION

Bancroft is a picturesque community in the heart of North Hastings on the Canadian Shield, strategically located equal distance 3 hours northeast of Toronto and 3 hours west of Ottawa, 1 1/2 hours north of Belleville and 1 1/2 hours northeast of Peterborough. Listings can also be viewed on the national www.REALTOR.ca web site (residential properties, commercial and investment properties).



Dark Mode