Timmins, Cochrane & Timiskaming Districts Association of REALTORS® MLS® home sales edge down as supply continues to rise in October
The number of homes sold through the MLS® System of the Timmins, Cochrane & Timiskaming Districts Association of REALTORS® totaled 119 units in October 2023. This was down by 4.8% (six sales) from October 2022.
Home sales were 16.7% below the five-year average and 4.3% below the 10-year average for the month of October.
On a year-to-date basis, home sales totaled 1,053 units over the first 10 months of the year. This was a substantial decrease of 26.5% from the same period in 2022.
The average price of homes sold in October 2023 was $279,517, a moderate gain of 8.8% from October 2022.
The more comprehensive year-to-date average price was $262,537, edging down 0.9% from the first 10 months of 2022.
The dollar value of all home sales in October 2023 was $33.3 million, a modest gain of 3.6% from the same month in 2022.
The number of new listings was up by 19.5% from October 2022. There were 153 new residential listings in October 2023.
New listings were in line with the five-year average and 7.1% below the 10-year average for the month of October.
Active residential listings numbered 389 units on the market at the end of October, an increase of 23.9% from the end of October 2022.
Active listings were 15.3% below the five-year average and 44.8% below the 10-year average for the month of October.
Months of inventory numbered 3.3 at the end of October 2023, up from the 2.5 months recorded at the end of October 2022 and below the long-run average of 6.2 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 Timmins, Cochrane & Timiskaming Districts Association of REALTORS® is an Association of 120 REALTORS® that provides services to and sets standards for members and offers professional support and a local Multiple Listing Service®. The Association’s region covers the most northerly Ontario border to the north boundary of Temagami in the south. West to east the Board’s boundary goes from the Pagwa River to the Quebec border. The Association area includes such towns and cities as Hearst, Kapuskasing, Smooth Rock Falls, Cochrane, Iroquois Falls, Matheson, Timmins, Kirkland Lake, Englehart, Earlton, New Liskeard, Haileybury and Cobalt. Listings can also be viewed on the national www.REALTOR.ca web site (residential, commercial and investment properties).
THE TIMMINS, COCHRANE & TIMISKAMING DISTRICTS ASSOCIATION OF REALTORS®
For more information,
Anne Marie Vaillancourt