Sault Ste. Marie Real Estate Board

Sault Ste. Marie Real Estate Board MLS® home sales continue slow and steady recovery in February

The number of homes sold through the MLS® System of the Sault Ste. Marie Real Estate Board totaled 84 units in February 2024. This increased by 23.5% from February 2023.

Home sales were 23.8% below the five-year average and 10.1% below the 10-year average for the month of February.

On a year-to-date basis, home sales totaled 172 units over the first two months of the year. This was a gain of 22.9% from the same period in 2023.

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 $280,600 in February 2024, a gain of 8.6% compared to February 2023.

The average price of homes sold in February 2024 was $331,240, up by 9% from February 2023.

The more comprehensive year-to-date average price was $312,379, an increase of 16% from the first two months of 2023.

The dollar value of all home sales in February 2024 was $27.8 million, a jump of 34.6% from the same month in 2023.

The number of new listings increased by 6.8% (eight listings) from February 2023. There were 126 new residential listings in February 2024.

New listings were 13.8% below the five-year average and 18.7% below the 10-year average for the month of February.

Active residential listings numbered 240 units on the market at the end of February, a modest gain of 1.7% (four listings) from the end of February 2023.

Active listings were 8.5% above the five-year average and 42.6% below the 10-year average for the month of February.

Months of inventory numbered 2.9 at the end of February 2024, down from the 3.5 months recorded at the end of February 2023 and below the long-run average of 5.2 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.

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

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