North Bay home sales post above-average January; supply still historically low
Residential sales activity recorded through the MLS® system for the North Bay region numbered 69 units in January 2020. This was down 5.5% (four sales) from January 2019 but stood above both the five and 10-year averages for that month.
The average price of homes sold in the region in January 2020 was $236,853, down 9.1% from January 2019. This is likely just a compositional aberration at a slow time of the year.
There were 126 new residential listings in January 2020. This was up 5% (six listings) on a year-over-year basis.
That said, overall supply is still trending at historical lows. Active residential listings numbered only 204 units at the end of January, a decrease of 13.9% from the end of January 2019 and a record low for this time of the year.
Months of inventory numbered just 3 at the end of January 2020, down from the 3.2 months recorded at the end of January 2019 and also 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 January 2020 was $16.3 million, decreasing by 14.1% from the same month in 2019.
Sales of all property types numbered 81 units in January 2020, up 8% (six sales) from January 2019. The total value of all properties sold was $18.9 million, edging down 1.8% from January 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.