North Bay Real Estate Board

North Bay and Area REALTORS® Association MLS® home sales and new listings below average in October

The number of homes sold through the MLS® System of the North Bay and Area REALTORS® Association totaled 87 units in October 2022, decreasing 23% from October 2021.

Home sales were 22.7% below the five-year average and 16.6% below the 10-year average for the month of October.

On a year-to-date basis, home sales totaled 1,053 units over the first 10 months of the year. This was a large decline of 23.1% 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 $374,400 in October 2022, a gain of 4.6% compared to October 2021.

The average price of homes sold in October 2022 was $400,593, decreasing by 9.7% from October 2021.

The more comprehensive year-to-date average price was $467,826, a gain of 18.9% from the first 10 months of 2021.

The dollar value of all home sales in October 2022 was $34.9 million, down sharply by 30.5% from the same month in 2021.

The number of new listings saw a decrease of 4.3% (five listings) from October 2021. There were 112 new residential listings in October 2022. This was the lowest number of new listings added in the month of October in more than 35 years.

New listings were 6.8% below the five-year average and 17.1% below the 10-year average for the month of October.

Active residential listings numbered 163 units on the market at the end of October, a jump of 69.8% from the end of October 2021.

Active listings were 25.1% below the five-year average and 61.8% below the 10-year average for the month of October.

Months of inventory numbered 1.9 at the end of October 2022, up from the 0.8 months recorded at the end of October 2021 and below the long-run average of 4.3 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.

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.


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NORTH BAY REAL ESTATE BOARD

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For more information,
please contact:
Jolene Greer
Executive Officer
(705) 472-6812
eo@nbreb.com

President
Ryan Humble

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