North Bay and Area REALTORS® Association

The number of homes sold through the MLS® System of the North Bay and Area REALTORS® Association totaled 73 units in March 2024. This was a sharp decrease of 11% (nine sales) from March 2023.

Home sales were 34.7% below the five-year average and 31.7% below the 10-year average for the month of March.

On a year-to-date basis, home sales totaled 185 units over the first three months of the year. This was up modestly by 2.8% (five sales) 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 $404,500 in March 2024, a slight gain of 0.1% compared to March 2023.

The average price of homes sold in March 2024 was $472,552, a minor decrease of 2% from March 2023.

The more comprehensive year-to-date average price was $439,521, a small reduction of 1.2% from the first three months of 2023.

The dollar value of all home sales in March 2024 was $34.5 million, a substantial decline of 12.8% from the same month in 2023.

The number of new listings saw an advance of 36.9% from March 2023. There were 152 new residential listings in March 2024.

New listings were 8.7% below the five-year average and 18.6% below the 10-year average for the month of March.

Active residential listings numbered 164 units on the market at the end of March, up sharply by 41.4% from the end of March 2023.

Active listings were 7.9% above the five-year average and 51.2% below the 10-year average for the month of March.

Months of inventory numbered 2.2 at the end of March 2024, up from the 1.4 months recorded at the end of March 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.