Steady demand for MLS® listed homes in North Bay and Area during October
The number of homes sold through the MLS® System of the North Bay and Area REALTORS® Association totaled 91 units in October 2024. This was up by 16.7% (13 sales) from October 2023.
Home sales were 11.5% below the five-year average and 12.8% below the 10-year average for the month of October.
On a year-to-date basis, home sales totaled 901 units over the first 10 months of the year. This was a decrease of 5.1% 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 $420,300 in October 2024, an increase of 7.4% compared to October 2023.
The average price of homes sold in October 2024 was $442,717, a moderate decrease of 7.4% from October 2023.
The more comprehensive year-to-date average price was $461,438, increasing by 5.4% from the first 10 months of 2023.
The dollar value of all home sales in October 2024 was $40.3 million, a gain of 8% from the same month in 2023.
The number of new listings was down by 4.7% (five listings) from October 2023. There were 102 new residential listings in October 2024. This was the lowest number of new listings added in the month of October in more than 35 years.
New listings were 13.6% below the five-year average and 18.5% below the 10-year average for the month of October.
Active residential listings numbered 210 units on the market at the end of October, an increase of 6.1% (12 listings) from the end of October 2023. Active listings haven’t been this high in the month of October in five years.
Active listings were 24.3% above the five-year average and 38.3% below the 10-year average for the month of October.
Months of inventory numbered 2.3 at the end of October 2024, down from the 2.5 months recorded at the end of October 2023 and below the long-run average of 3.4 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.
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
Ashten Hughes
