North Bay and Area REALTORS® Association MLS® home sales, new listings remain subdued as market stays quiet in October
The number of homes sold through the MLS® System of the North Bay and Area REALTORS® Association totaled 77 units in October 2023. This was a moderate decrease of 9.4% (eight sales) from October 2022.
Home sales were 26.4% below the five-year average and 24.1% below the 10-year average for the month of October.
On a year-to-date basis, home sales totaled 925 units over the first 10 months of the year. This was a substantial decline of 11.4% from the same period in 2022.
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 $397,000 in October 2023, increasing by 5.6% compared to October 2022.
The average price of homes sold in October 2023 was $486,753, a gain of 22.5% from October 2022.
The more comprehensive year-to-date average price was $440,020, down by 6% from the first 10 months of 2022.
The dollar value of all home sales in October 2023 was $37.5 million, an increase of 10.9% from the same month in 2022.
The number of new listings saw a moderate decrease of 4.5% (five listings) from October 2022. There were 106 new residential listings in October 2023. This was the lowest number of new listings added in the month of October in more than 35 years.
New listings were 8.3% below the five-year average and 17.2% below the 10-year average for the month of October.
Active residential listings numbered 180 units on the market at the end of October, increasing by 5.9% (10 listings) from the end of October 2022.
Active listings were 0.9% below the five-year average and 52.3% below the 10-year average for the month of October.
Months of inventory numbered 2.3 at the end of October 2023, up from the 2 months recorded at the end of October 2022 and below the long-run average of 3.9 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.
BOARD & ASSOCIATION INFORMATION
Established in 1957, the North Bay and Area REALTORS® Association represents approximately 160 REALTORS®. North Bay centers an area bound by Mattawa on the east, Verner on the west, Powassan on the south and Temagami on the north.
North Bay and Area REALTORS® Association