Sudbury Real Estate Board

Sudbury Real Estate Board MLS® home sales slow in October

The number of homes sold through the MLS® System of the Sudbury Real Estate Board totaled 170 units in October 2022. This was down sharply by 38.4% from October 2021.

Home sales were 32.5% below the five-year average and 26.2% below the 10-year average for the month of October.

On a year-to-date basis, home sales totaled 2,571 units over the first 10 months of the year. This was a substantial decrease of 16.3% 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 $402,800 in October 2022, edging down 0.1% compared to October 2021.

The average price of homes sold in October 2022 was $413,448, a moderate decrease of 6.4% from October 2021.

The more comprehensive year-to-date average price was $470,745, increasing by 18.1% from the first 10 months of 2021.

The dollar value of all home sales in October 2022 was $70.3 million, a sharp decrease of 42.3% from the same month in 2021.

The number of new listings was down sharply by 13.5% from October 2021. There were 243 new residential listings in October 2022. This was the lowest number of new listings added in the month of October in 35 years.

New listings were 15.4% below the five-year average and 22.9% below the 10-year average for the month of October.

Active residential listings numbered 482 units on the market at the end of October, a substantial increase of 40.1% from the end of October 2021.

Active listings were 29.8% below the five-year average and 57.5% below the 10-year average for the month of October.

Months of inventory numbered 2.8 at the end of October 2022, up from the 1.2 months recorded at the end of October 2021 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 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.


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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

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