Sault Ste. Marie MLS® home sales up from last year, listings remain stable in September
The number of homes sold through the MLS® System of the Sault Ste. Marie Real Estate Board totaled 154 units in September 2024. This was an increase of 24.2% from September 2023.
Home sales were 8.8% below the five-year average and 4.3% below the 10-year average for the month of September.
On a year-to-date basis, home sales totaled 1,263 units over the first nine months of the year. This was a moderate gain of 9.1% 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 $301,300 in September 2024, increasing by 5.2% compared to September 2023.
The average price of homes sold in September 2024 was $322,589, increasing by 13.2% from September 2023.
The more comprehensive year-to-date average price was $332,647, a gain of 5.8% from the first nine months of 2023.
The dollar value of all home sales in September 2024 was $49.7 million, up sharply by 40.5% from the same month in 2023.
The number of new listings saw an increase of 20.6% from September 2023. There were 252 new residential listings in September 2024. This was the largest number of new listings added in the month of September in more than five years.
New listings were 15.2% above the five-year average and 11.6% above the 10-year average for the month of September.
Active residential listings numbered 472 units on the market at the end of September, a sizable gain of 15.7% from the end of September 2023. Active listings haven’t been this high in the month of September in five years.
Active listings were 31.5% above the five-year average and 25% below the 10-year average for the month of September.
Months of inventory numbered 3.1 at the end of September 2024, down from the 3.3 months recorded at the end of September 2023 and below the long-run average of 4.1 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
The Sault Ste. Marie Real Estate Board aspires to be a recognized leader in developing and providing affordable and high quality support services to its membership, staff and to our community in a responsible and caring manner. The Sault Ste. Marie Real Estate Board hosts the Multiple Listing Service® (MLS®) and represents local REALTORS®. The board serves Sault Ste. Marie and the Algoma District including north to Wawa and east to Elliot Lake.
SAULT STE. MARIE REAL ESTATE BOARD
Contact info:
372 Albert Street East
Sault Ste. Marie, ON
P6A 2J6
Office: (705) 949-4560
Fax: (705) 949-5935
Gary Trembinski
