North Bay home sales surge ahead in February
Residential sales activity recorded through the MLS® system for the North Bay region numbered 87 units in February 2020. This was a 55.4% jump from February 2019.
On a year-to-date basis, home sales totalled 156 units over the first two months of the year, an increase of 20.9% from the same period in 2019.
The average price of homes sold in the region in February 2020 was $244,359, down 6.4% from February 2019.
The more comprehensive year-to-date average price was $241,039, down 7.6% from the first two months of 2019. Given the current tightness of the local housing market, these average price declines are most likely due to a change in the sample of homes that are selling to begin 2020 compared to 2019.
There were 124 new residential listings in February 2020. an increase of 15.9% on a year-over-year basis.
That said, overall supply is still stuck at historical lows. Active residential listings numbered just 219 units at the end of February, down 15.4% from the end of February 2019.
Months of inventory numbered only 2.5 at the end of February 2020, down from the 4.6 months recorded at the end of February 2019 and a record low 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.
The dollar value of all home sales in February 2020 was $21.3 million, jumping 45.4% from the same month in 2019. This was a new record for the month of February.
Sales of all property types numbered 100 units in February 2020, up 53.8% from February 2019. The total value of all properties sold was $24.1 million, climbing 48% from February 2019.
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.