Sault Ste. Marie Real Estate Board MLS® home sales continue to retreat in October
The number of homes sold through the MLS® System of the Sault Ste. Marie Real Estate Board totaled 131 units in October 2022. This was down by 28.8% from October 2021.
Home sales were 13.4% below the five-year average and 7.5% below the 10-year average for the month of October.
On a year-to-date basis, home sales totaled 1,621 units over the first 10 months of the year. This was a substantial decrease of 23.2% 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 $277,100 in October 2022, a gain of 10.2% compared to October 2021.
The average price of homes sold in October 2022 was $296,629, a moderate gain of 7.6% from October 2021.
The more comprehensive year-to-date average price was $319,273, increasing by 19.2% from the first 10 months of 2021.
The dollar value of all home sales in October 2022 was $38.9 million, a sharp decrease of 23.4% from the same month in 2021.
The number of new listings was down sharply by 11.9% from October 2021. There were 163 new residential listings in October 2022. This was the lowest number of new listings added in the month of October in more than a decade.
New listings were 7.3% below the five-year average and 17.5% below the 10-year average for the month of October.
Active residential listings numbered 328 units on the market at the end of October, a substantial increase of 70.8% from the end of October 2021.
Active listings were 23.3% below the five-year average and 50.7% below the 10-year average for the month of October.
Months of inventory numbered 2.5 at the end of October 2022, up from the 1 month recorded at the end of October 2021 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
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