North Bay and Area REALTORS® Association

The number of homes sold through the MLS® System of the North Bay and Area REALTORS® Association totaled 108 units in July 2024. This was a decline of 12.2% (15 sales) from July 2023.

Home sales were 22.6% below the five-year average and 24.1% below the 10-year average for the month of July.

On a year-to-date basis, home sales totaled 596 units over the first seven months of the year. This was a decline of 5.8% from the same period in 2023.

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 $420,600 in July 2024, up by 5.4% compared to July 2023.

The average price of homes sold in July 2024 was $492,425, up by 19.9% from July 2023.

The more comprehensive year-to-date average price was $466,917, an increase of 6.9% from the first seven months of 2023.

The dollar value of all home sales in July 2024 was $53.2 million, a moderate gain of 5.2% from the same month in 2023.

The number of new listings fell 7.3% from July 2023. There were 203 new residential listings in July 2024.

New listings were 9.1% above the five-year average and 3.2% below the 10-year average for the month of July.

Active residential listings numbered 306 units on the market at the end of July, a gain of 18.6% from the end of July 2023. Active listings haven’t been this high in the month of July in five years.

Active listings were 35.9% above the five-year average and 33.8% below the 10-year average for the month of July.

Months of inventory numbered 2.8 at the end of July 2024, up from the 2.1 months recorded at the end of July 2023 and below the long-run average of 3.3 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.