North Bay and Area REALTORS® Association MLS® home sales, new listings still running below average in February
The number of homes sold through the MLS® System of the North Bay and Area REALTORS® Association totaled 69 units in February 2023. This was a substantial decline of 13.7% (11 sales) from February 2022.
Home sales were 11.3% below the five-year average and 5.1% below the 10-year average for the month of February.
On a year-to-date basis, home sales totaled 94 units over the first two months of the year. This was a sharp decrease of 31.4% from the same period in 2022.
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 $373,200 in February 2023, a substantial decrease of 13.9% compared to February 2022.
The average price of homes sold in February 2023 was $417,002, down sharply by 12.5% from February 2022.
The more comprehensive year-to-date average price was $410,538, a substantial decrease of 14.2% from the first two months of 2022.
The dollar value of all home sales in February 2023 was $28.8 million, a big reduction of 24.5% from the same month in 2022.
The number of new listings saw a substantial decline of 27.1% from February 2022. There were 78 new residential listings in February 2023. This was the lowest number of new listings added in the month of February in more than 35 years.
New listings were 23.8% below the five-year average and 39.6% below the 10-year average for the month of February.
Active residential listings numbered 95 units on the market at the end of February, an advance of 39.7% from the end of February 2022.
Active listings were 31% below the five-year average and 70.5% below the 10-year average for the month of February.
Months of inventory numbered 1.4 at the end of February 2023, up from the 0.8 months recorded at the end of February 2022 and below the long-run average of 4.9 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 and Area REALTORS® Association represents approximately 160 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 and Area REALTORS® Association
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