North Bay and Area REALTORS® Association

The number of homes sold through the MLS® System of the North Bay and Area REALTORS® Association totaled 98 units in June 2024. This was a sharp decrease of 22.8% from June 2023.

Home sales were 29.3% below the five-year average and 32.8% below the 10-year average for the month of June.

On a year-to-date basis, home sales totaled 488 units over the first six months of the year. This was down by 4.3% 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 $423,700 in June 2024, a moderate gain of 5.6% compared to June 2023.

The average price of homes sold in June 2024 was $472,476, an increase of 9% from June 2023.

The more comprehensive year-to-date average price was $461,394, a moderate gain of 4.2% from the first six months of 2023.

The dollar value of all home sales in June 2024 was $46.3 million, a substantial decline of 15.9% from the same month in 2023.

The number of new listings was up only 0.6% (one listing) from June 2023. There were 175 new residential listings in June 2024.

New listings were 9.5% below the five-year average and 21.8% below the 10-year average for the month of June.

Active residential listings numbered 273 units on the market at the end of June, up sharply by 34.5% from the end of June 2023. Active listings haven’t been this high in the month of June in five years.

Active listings were 27% above the five-year average and 39.6% below the 10-year average for the month of June.

Months of inventory numbered 2.8 at the end of June 2024, up from the 1.6 months recorded at the end of June 2023 and below the long-run average of 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.