Sault Ste. Marie home sales post best March in a decade
Residential sales activity in the area served by the Sault Ste. Marie Real Estate Board totaled 115 units in March 2020. This was little changed, up only 0.9% (one sale) from the record March 2019. Residential sales haven't hit this level in the month of March in a decade.
On a year-to-date basis, home sales totalled a record 302 units over the first three months of the year. This was an increase of 10.2% from the same period in 2019 and surpassed 2007 to take the lead for the best year on record.
The average price of homes sold in March 2020 was a record $207,446, rising 11.7% from March 2019.
The more comprehensive year-to-date average price was $192,255; up 6.3% from the first three months of 2019.
The dollar value of all home sales in March 2020 was $23.9 million, rising 12.7% from the same month in 2019. This was also a new record for the month of March.
There were 157 new residential listings in March 2020. This was down 8.7% (15 listings) on a year-over-year basis.
Overall supply has been moving lower over the past four years. Active residential listings numbered 378 units at the end of March. This was a decrease of 18% from the end of March 2019.
Months of inventory numbered 3.3 at the end of March 2020, down from the 4 months recorded at the end of March 2019 and below the long-run average of 6.2 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 130 units in March 2020; this was an increase of 10.2% (12 sales) from March 2019. The total value of all properties sold was $26.5 million, rising 24.2% from March 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