MLS® home sales in North Bay continue at historically average pace in August
The number of homes sold through the MLS® System of the North Bay Real Estate Board totaled 133 units in August 2021. This was a substantial decrease of 24% from August 2020.
Home sales were 7.3% below the five-year average and 3.8% above the 10-year average for the month of August.
On a year-to-date basis, home sales totaled 1,129 units over the first eight months of the year. This was a sizable gain of 23% from the same period in 2020.
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 $343,400 in August 2021, up sharply by 34.8% compared to August 2020.
The average price of homes sold in August 2021 was $352,027, increasing by 11.5% from August 2020.
The more comprehensive year-to-date average price was $386,223, an advance of 31% from the first eight months of 2020.
The dollar value of all home sales in August 2021 was $46.8 million, down 15.2% from the same month in 2020.
The number of new listings decreased by 18.6% from August 2020. There were 158 new residential listings in August 2021. This was the lowest number of new listings added in the month of August in more than two decades.
New listings were 10.9% below the five-year average and 18.6% below the 10-year average for the month of August.
Active residential listings numbered 114 units on the market at the end of August, a large decline of 42.1% from the end of August 2020. Active listings haven't been this low in the month of August in more than three decades.
Active listings were 68.5% below the five-year average and 81.1% below the 10-year average for the month of August.
Months of inventory numbered 0.9 at the end of August 2021, down from the 1.1 months recorded at the end of August 2020 and below the long-run average of 5.1 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 Real Estate Board represents approximately 155 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 REAL ESTATE BOARD