Sault Ste. Marie MLS® home sales set new October record; 2020 in running to become record year
Residential sales activity in the area served by the Sault Ste. Marie Real Estate Board totaled 163 units in October 2020. This was an increase of 16.4% from October 2019. This was also a new sales record for the month of October.
On a year-to-date basis, home sales totalled a record 1,510 units over the first 10 months of the year. This was up 5.3% from the same period in 2019.
The average price of homes sold in October 2020 was $218,456, rising 21.4% from October 2019.
The more comprehensive year-to-date average price was $205,946, rising 14.2% from the first 10 months of 2019.
The dollar value of all home sales in October 2020 was $35.6 million. This was a large increase of 41.3% from the same month in 2019. This was also a new record for the month of October.
There were 173 new residential listings in October 2020. This was little changed, up only 0.6% (one listing) on a year-over-year basis.
Active residential listings numbered 295 units at the end of October. This was a large decline of 51.2% from the end of October 2019. Overall inventory currently sits at the lowest levels on record.
Months of inventory numbered 1.8 at the end of October 2020, down from the 4.3 months recorded at the end of October 2019 and below the long-run average of 5.8 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.
Sales of all property types numbered 183 units in October 2020; this was an increase of 10.9% from October 2019. The total value of all properties sold was $37.6 million, a large increase of 30.9% from October 2019.
BOARD & ASSOCIATION INFORMATION
The Sault Ste. Marie Real Estate Board aspires to be a recognized leader in developing and providing affordable and high quality support services to its membership, staff and to our community in a responsible and caring manner. The Sault Ste. Marie Real Estate Board hosts the Multiple Listing Service® (MLS®) and represents local REALTORS®. The board serves Sault Ste. Marie and the Algoma District including north to Wawa and east to Elliot Lake.
SAULT STE. MARIE REAL ESTATE BOARD
372 Albert Street East
Sault Ste. Marie, ON
Office: (705) 949-4560
Fax: (705) 949-5935