Sault Ste. Marie Real Estate Board reports below-average MLS® home sales in February but still records increase year over year
The number of homes sold through the MLS® System of the Sault Ste. Marie Real Estate Board totaled 90 units in February 2025. This increased by 8.4% (seven sales) from February 2024.
Home sales were 16% below the five-year average and 4.2% below the 10-year average for the month of February.
On a year-to-date basis, home sales totaled 182 units over the first two months of the year. This was a gain of 7.1% (12 sales) from the same period in 2024.
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 $303,900 in February 2025, a gain of 9.1% compared to February 2024.
The average price of homes sold in February 2025 was $334,932, nearly unchanged, up only 0.3% from February 2024.
The more comprehensive year-to-date average price was $336,266, an increase of 7.1% from the first two months of 2024.
The dollar value of all home sales in February 2025 was $30.1 million, up 8.8% from the same month in 2024.
The number of new listings fell 10.4% (13 listings) from February 2024. There were 112 new residential listings in February 2025. This was the lowest number of new listings added in the month of February in more than two decades.
New listings were 19.4% below the five-year average and 22.3% below the 10-year average for the month of February.
Active residential listings numbered 242 units on the market at the end of February, a gain of 5.2% (12 listings) from the end of February 2024. Active listings haven’t been this high in the month of February in five years.
Active listings were 28% above the five-year average and 33.9% below the 10-year average for the month of February.
Months of inventory numbered 2.7 at the end of February 2025, down from the 2.8 months recorded at the end of February 2024 and below the long-run average of 4.6 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
Contact info:
372 Albert Street East
Sault Ste. Marie, ON
P6A 2J6
Office: (705) 949-4560
Fax: (705) 949-5935
Gary Trembinski
