Sault Ste. Marie Real Estate Board

Sault Ste. Marie Real Estate Board MLS® home sales slow in May 2022 compared to record last year

The number of homes sold through the MLS® System of the Sault Ste. Marie Real Estate Board totaled 182 units in May 2022. This was a sharp decrease of 34.1% from May 2021.

Home sales were 1% above the five-year average and 8% above the 10-year average for the month of May.

On a year-to-date basis, home sales totaled 778 units over the first five months of the year. This was down sharply by 25.4% 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 $320,700 in May 2022, a jump of 41.8% compared to May 2021.

The average price of homes sold in May 2022 was $331,822, an increase of 15.7% from May 2021.

The more comprehensive year-to-date average price was $326,697, a sizable gain of 26.7% from the first five months of 2021.

The dollar value of all home sales in May 2022 was $60.4 million, a notable decline of 23.7% from the same month in 2021.

The number of new listings saw a modest decline of 3.5% (12 listings) from May 2021. There were 330 new residential listings in May 2022.

New listings were 6.6% above the five-year average and 3.4% below the 10-year average for the month of May.

Active residential listings numbered 261 units on the market at the end of May, up by 9.2% from the end of May 2021.

Active listings were 44.9% below the five-year average and 64.4% below the 10-year average for the month of May.

Months of inventory numbered 1.4 at the end of May 2022, up from the 0.9 months recorded at the end of May 2021 and below the long-run average of 4.7 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.


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SAULT STE. MARIE REAL ESTATE BOARD

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Contact info:
372 Albert Street East
Sault Ste. Marie, ON
P6A 2J6
Office: (705) 949-4560
Fax: (705) 949-5935

President
Jonathan Moggs