Sault Ste. Marie Real Estate Board MLS® home sales continue at below average pace in February
The number of homes sold through the MLS® System of the Sault Ste. Marie Real Estate Board totaled 68 units in February 2023. This was a significant decline of 46.9% from February 2022.
Home sales were 36.8% below the five-year average and 26.6% below the 10-year average for the month of February.
On a year-to-date basis, home sales totaled 140 units over the first two months of the year, down by 44% 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 $272,600 in February 2023, edging down 0.2% compared to February 2022.
The average price of homes sold in February 2023 was $304,029, decreasing by 7.1% from February 2022.
The more comprehensive year-to-date average price was $269,193, a sharp decrease of 13.9% from the first two months of 2022.
The dollar value of all home sales in February 2023 was $20.7 million, falling 50.6% from the same month in 2022.
The number of new listings fell by 17.2% from February 2022. There were 120 new residential listings in February 2023.
New listings were 17.4% below the five-year average and 25% below the 10-year average for the month of February.
Active residential listings numbered 239 units on the market at the end of February, more than double the levels from a year earlier, leaping 159.8% from the end of February 2022.
Active listings were 11% below the five-year average and 48% below the 10-year average for the month of February.
Months of inventory numbered 3.5 at the end of February 2023, up from the 0.7 months recorded at the end of February 2022 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.
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