North Bay and Area REALTORS® Association

The number of homes sold through the MLS® System of the North Bay and Area REALTORS® Association totaled 100 units in September 2024. This was a decline of 6.5% (seven sales) from September 2023.

Home sales were 14.1% below the five-year average and 13.9% below the 10-year average for the month of September.

On a year-to-date basis, home sales totaled 811 units over the first nine months of the year. This was down by 6.9% 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 $425,100 in September 2024, up by 10% compared to September 2023.

The average price of homes sold in September 2024 was $444,928, a minor increase of 1.4% from September 2023.

The more comprehensive year-to-date average price was $463,832, a moderate gain of 6.9% from the first nine months of 2023.

The dollar value of all home sales in September 2024 was $44.5 million, falling by 5.3% from the same month in 2023.

The number of new listings saw a sharp decrease of 10.9% from September 2023. There were 131 new residential listings in September 2024.

New listings were 3.7% below the five-year average and 13.8% below the 10-year average for the month of September.

Active residential listings numbered 271 units on the market at the end of September, up by 11.5% from the end of September 2023. Active listings haven’t been this high in the month of September in five years.

Active listings were 34.2% above the five-year average and 33.5% below the 10-year average for the month of September.

Months of inventory numbered 2.7 at the end of September 2024, up from the 2.3 months recorded at the end of September 2023 and below the long-run average of 3.6 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.