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 November 2024. This was a jump of 30.4% from November 2023.

Home sales were 9% below the five-year average and 11.7% below the 10-year average for the month of November.

On a year-to-date basis, home sales totaled 987 units over the first 11 months of the year, down 2.6% 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 $424,500 in November 2024, a sizable gain of 10.8% compared to November 2023.

The average price of homes sold in November 2024 was $444,609, a gain of 21% from November 2023.

The more comprehensive year-to-date average price was $460,129, up by 6.2% from the first 11 months of 2023.

The dollar value of all home sales in November 2024 was $32.5 million, a substantial increase of 57.7% from the same month in 2023.

The number of new listings saw a moderate decrease of 8% (seven listings) from November 2023. There were 80 new residential listings in November 2024.

New listings were 9.9% below the five-year average and 20.2% below the 10-year average for the month of November.

Active residential listings numbered 170 units on the market at the end of November, a substantial decline of 13.7% from the end of November 2023.

Active listings were 17.9% above the five-year average and 41.1% below the 10-year average for the month of November.

Months of inventory numbered 2.3 at the end of November 2024, down from the 3.5 months recorded at the end of November 2023 and below the long-run average of 3.7 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.