Sudbury Real Estate Board

Sudbury Real Estate Board MLS® home sales post second best May on record

The number of homes sold through the MLS® System of the Sudbury Real Estate Board totaled 341 units in May 2022. This was down by 11.4% from May 2021.

Home sales were 16.1% above the five-year average and 26% above the 10-year average for the month of May.

On a year-to-date basis, home sales totaled 1,292 units over the first five months of the year. This was a decrease of 14.1% 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 $470,500 in May 2022, a gain of 24.9% compared to May 2021.

The average price of homes sold in May 2022 was $499,544, a sizable gain of 21.6% from May 2021.

The more comprehensive year-to-date average price was $501,116, increasing by 27.7% from the first five months of 2021.

The dollar value of all home sales in May 2022 was $170.3 million, a gain of 7.7% from the same month in 2021. This was a new record for the month of May and was also the largest dollar value of homes sold for any month in history.

The number of new listings was up by 8.2% from May 2021. There were 552 new residential listings in May 2022. This was the largest number of new listings added in the month of May in five years.

New listings were 12.5% above the five-year average and 0.5% below the 10-year average for the month of May.

Active residential listings numbered 445 units on the market at the end of May, decreasing of 18.5% from the end of May 2021. Active listings haven’t been this low in the month of May in more than three decades.

Active listings were 45.1% below the five-year average and 63.7% below the 10-year average for the month of May.

Months of inventory numbered 1.3 at the end of May 2022, down from the 1.4 months recorded at the end of May 2021 and below the long-run average of 4.9 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 400 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.


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SUDBURY REAL ESTATE BOARD

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For more information,
please contact:
(705) 673-3388 or (705) 618-4663
info@sudburyrealestateboard.com or
chair@sudburyrealestateboard.com

Chair
Tanya Vanden Berg