North Bay and Area REALTORS® Association

North Bay and Area REALTORS® Association MLS® home sales subdued in February

The number of homes sold through the MLS® System of the North Bay and Area REALTORS® Association totaled 62 units in February 2024. This was a substantial decrease of 11.4% (eight sales) from February 2023.

Home sales were 26.2% below the five-year average and 18.4% below the 10-year average for the month of February.

On a year-to-date basis, home sales totaled 112 units over the first two months of the year. This was a sizable gain of 14.3% (14 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 $389,700 in February 2024, essentially unchanged, up just 0.4% compared to February 2023.

The average price of homes sold in February 2024 was $423,781, increasing by 1.8% from February 2023.

The more comprehensive year-to-date average price was $417,947, a modest gain of 1% from the first two months of 2023.

The dollar value of all home sales in February 2024 was $26.3 million, down by 9.8% from the same month in 2023.

The number of new listings saw an increase of 17.3% (14 listings) from February 2023. There were 95 new residential listings in February 2024.

New listings were 10.7% below the five-year average and 26% below the 10-year average for the month of February.

Active residential listings numbered 118 units on the market at the end of February, a sizable gain of 13.5% (14 listings) from the end of February 2023.

Active listings were 1% below the five-year average and 59.3% below the 10-year average for the month of February.

Months of inventory numbered 1.9 at the end of February 2024, up from the 1.5 months recorded at the end of February 2023 and below the long-run average of 4.2 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

Established in 1957, the North Bay and Area REALTORS® Association represents approximately 160 REALTORS®. North Bay centers an area bound by Mattawa on the east, Verner on the west, Powassan on the south and Temagami on the north.


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North Bay and Area REALTORS® Association

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For more information,
please contact:
Jolene Greer
Executive Officer
(705) 472-6812
eo@nbara.ca

President
Ashten Hughes

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