Sudbury housing market surges higher in June, setting new record for number of sales for any month in history.
Residential sales activity recorded through the MLS® System of the Sudbury Real Estate Board numbered 356 units in June 2020. This was an increase of 27.1% from June 2019. This was a new sales record for the month of June and was the highest level for any month in history.
On a year-to-date basis, home sales totalled 1,095 units over the first six months of the year. This was down 5.7% from the same period in 2019.
The average price of homes sold in June 2020 was $317,592, rising 12% from June 2019.
The more comprehensive year-to-date average price was $297,938, increasing 10.9% from the first six months of 2019.
There were 410 new residential listings in June 2020. This was down 6.2% on a year-over-year basis.
Overall supply levels continue to act as a constraint on market activity, as sellers still have not come off the sidelines to list their properties in significant numbers. Active residential listings numbered 513 units at the end of June. This was a large decline of 43.4% from the end of June 2019.
Months of inventory numbered 1.4 at the end of June 2020, down from the 3.2 months recorded at the end of June 2019 and below the long-run average of 4.8 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.
Pent up demand drove the total dollar value of all home sales in June 2020 to $113.1 million. This was a large increase of 42.4% from the same month in 2019, more than doubling the previous month dollar volume. This was a new record for the month of June and was also the largest dollar value of homes sold for any month in history by a significant margin.
Sales of all property types numbered 400 units in June 2020; this was an increase of 27.8% from June 2019. The total value of all properties sold was $133.7 million, a large increase of 52.6% from June 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