North Bay Real Estate Board MLS® home sales continue to moderate in May
The number of homes sold through the MLS® System of the North Bay Real Estate Board totaled 127 units in May 2022. This was a decrease of 32.1% from May 2021.
Home sales were 14.4% below the five-year average and 14.9% below the 10-year average for the month of May.
On a year-to-date basis, home sales totaled 514 units over the first five months of the year. This was down by 27.9% from the same period in 2021.
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 $459,600 in May 2022, up sharply by 31.7% compared to May 2021.
The average price of homes sold in May 2022 was $490,356, an increase of 18.3% from May 2021.
The more comprehensive year-to-date average price was $506,375, a jump of 30.1% from the first five months of 2021.
The dollar value of all home sales in May 2022 was $62.3 million, a decline of 19.7% from the same month in 2021.
The number of new listings saw a gain of 7.6% from May 2021. There were 227 new residential listings in May 2022.
New listings were 7.1% above the five-year average and 14% below the 10-year average for the month of May.
Active residential listings numbered 162 units on the market at the end of May, up by 12.5% from the end of May 2021.
Active listings were 40.2% below the five-year average and 69.8% below the 10-year average for the month of May.
Months of inventory numbered 1.3 at the end of May 2022, up from the 0.8 months recorded at the end of May 2021 and below the long-run average of 3.7 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