Sudbury MLS® home sales and new listings both significantly below average in February
The number of homes sold through the MLS® System of the Sudbury Real Estate Board totaled 135 units in February 2023, decreasing 40.8% from February 2022.
Home sales were 25.9% below the five-year average and 15.8% below the 10-year average for the month of February.
On a year-to-date basis, home sales totaled 237 units over the first two months of the year, down 38.6% 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 $401,100 in February 2023, retreating 13.7% compared to February 2022.
The average price of homes sold in February 2023 was $447,490, a decrease of 14.2% from February 2022.
The more comprehensive year-to-date average price was $417,304, dropping 16% from the first two months of 2022.
The dollar value of all home sales in February 2023 was $60.4 million, a reduction of 49.2% from the same month in 2022.
The number of new listings saw a sharp decrease of 40.9% from February 2022. There were 166 new residential listings in February 2023. This was the lowest number of new listings added in the month of February in more than 35 years.
New listings were 28.2% below the five-year average and 36.6% below the 10-year average for the month of February.
Active residential listings numbered 371 units on the market at the end of February, up substantially by 57.2% from the end of February 2022.
Active listings were 20.8% below the five-year average and 56.3% below the 10-year average for the month of February.
Months of inventory numbered 2.7 at the end of February 2023, up from the 1 month recorded at the end of February 2022 and below the long-run average of 5.9 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 Sudbury Real Estate Board represents approximately 450 REALTORS® registered with its member offices in the Greater Sudbury area. The Board – which was created in 1950 – hosts the Multiple Listing Service® (MLS®), provides educational courses, and ensures that members strive to meet uncompromising standards in their service to consumers.
SUDBURY REAL ESTATE BOARD
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For more information,
(705) 673-3388 or (705) 618-4663
Tanya Vanden Berg