Sudbury home sales up yea-over-year for March, but activity slowing
Residential sales activity recorded through the MLS® System of the Sudbury Real Estate Board numbered 176 units in March 2020. This was up 6.7% (11 sales) from March 2019.
On a year-to-date basis, home sales totalled 438 units over the first three months of the year, rising 7.1% from the same period in 2019. It also stood above the same period in all other years back to 2007.
The average price of homes sold in March 2020 was a record $319,860, surging 21.7% from March 2019.
The more comprehensive year-to-date average price was $290,767, rising 15.9% from the first three months of 2019.
There were 256 new residential listings in March 2020. This was down 4.1% (11 listings) on a year-over-year basis.
Overall supply levels have been falling continuously since early 2015 but have accelerated their decline beginning in 2018. Active residential listings numbered 478 units at the end of March, dropping 27.8% from the end of March 2019.
Months of inventory numbered 2.7 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 5.5 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.
The total dollar value of all home sales in March 2020 was $56.3 million, rising 29.8% from the same month in 2019.
Sales of all property types numbered 224 units in March 2020, up 4.2% (nine sales) from March 2019. The total value of all properties sold was $65.4 million, rising 26% from March 2019.
BOARD & ASSOCIATION INFORMATION
The Sudbury Real Estate Board represents approximately 350 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