Sudbury Real Estate Board MLS® home sales see modest gains in October
The number of homes sold through the MLS® System of the Sudbury Real Estate Board totaled 196 units in October 2023. This was an increase of 15.3% from October 2022.
Home sales were 18.9% below the five-year average and 15.2% below the 10-year average for the month of October.
On a year-to-date basis, home sales totaled 2,035 units over the first 10 months of the year. This was a large decline of 20.8% 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 $431,400 in October 2023, increasing by 6.2% compared to October 2022.
The average price of homes sold in October 2023 was $417,055, increasing by 1% from October 2022.
The more comprehensive year-to-date average price was $460,532, a modest decline of 2.2% from the first 10 months of 2022.
The dollar value of all home sales in October 2023 was $81.7 million, up by 16.4% from the same month in 2022.
The number of new listings saw a substantial increase of 39.3% from October 2022. There were 337 new residential listings in October 2023.
New listings were 14.8% above the five-year average and 8% above the 10-year average for the month of October.
Active residential listings numbered 628 units on the market at the end of October, a sizable gain of 16.9% from the end of October 2022.
Active listings were 5.8% above the five-year average and 40.3% below the 10-year average for the month of October.
Months of inventory numbered 3.2 at the end of October 2023, unchanged from the 3.2 months recorded at the end of October 2022 and below the long-run average of 4.8 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 Sudbury Real Estate Board represents approximately 450 REALTORS® registered with its member offices in the Greater Sudbury area. The Board – which was created in 1950 – hosts the Multiple Listing Service® (MLS®), provides educational courses, and ensures that members strive to meet uncompromising standards in their service to consumers.
SUDBURY REAL ESTATE BOARD
Tanya Vanden Berg