North Bay home sales still up year-over-year in March, despite second-half slowdown
Residential sales activity recorded through the MLS® system for the North Bay region numbered 102 units in March 2020. This was an increase of 14.6% (13 sales) from March 2019.
On a year-to-date basis, home sales totalled 258 units over the first three months of the year, up 18.3% from the same period in 2019.
The average price of homes sold in the region in March 2020 was $264,686, edging down 1.3% from March 2019.
The more comprehensive year-to-date average price was $250,388, down 5.1% from the first three months of 2019.
There were 141 new residential listings in March 2020. This was down 9.6% (15 listings) on a year-over-year basis.
Overall supply levels are still trending at historical lows. Active residential listings numbered 228 units at the end of March, dropping 20.3% from the end of March 2019.
Months of inventory numbered 2.2 at the end of March 2020, down from the 3.2 months recorded at the end of March 2019 and below the long-run average of 5.3 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.
The dollar value of all home sales in March 2020 was $27 million, rising 13.1% from the same month in 2019.
Sales of all property types numbered 114 units in March 2020, an increase of 15.2% (15 sales) from March 2019. The total value of all properties sold was $28 million, up 9.1% from March 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.
NORTH BAY REAL ESTATE BOARD