Timmins, Cochrane & Timiskaming Districts MLS® home sales post second highest May
The number of homes sold through the MLS® System of the Timmins, Cochrane & Timiskaming Districts Association of REALTORS® totaled 178 units in May 2022. This was a decrease of 13.6% from the record number of sales set for the month in May 2021.
Home sales were 21.6% above the five-year average and 34.5% above the 10-year average for the month of May.
On a year-to-date basis, home sales totaled 698 units over the first five months of the year. This was a large decline of 19% from the same period in 2021.
The average price of homes sold in May 2022 was a record $293,164, increasing by 25.9% from May 2021.
The more comprehensive year-to-date average price was $267,601, a gain of 25.1% from the first five months of 2021.
The dollar value of all home sales in May 2022 was $52.2 million, up by 8.8% 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 saw a substantial increase of 51.1% from May 2021. There were 287 new residential listings in May 2022.
New listings were 13.8% above the five-year average and 2.6% above the 10-year average for the month of May.
Active residential listings numbered 279 units on the market at the end of May, a moderate decrease of 8.8% 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 54% below the five-year average and 63.9% below the 10-year average for the month of May.
Months of inventory numbered 1.6 at the end of May 2022, up from the 1.5 months recorded at the end of May 2021 and below the long-run average of 6.5 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.
BOARD & ASSOCIATION INFORMATION
The Timmins, Cochrane & Timiskaming Districts Association of REALTORS® is an Association of 120 REALTORS® that provides services to and sets standards for members and offers professional support and a local Multiple Listing Service®. The Association’s region covers the most northerly Ontario border to the north boundary of Temagami in the south. West to east the Board’s boundary goes from the Pagwa River to the Quebec border. The Association area includes such towns and cities as Hearst, Kapuskasing, Smooth Rock Falls, Cochrane, Iroquois Falls, Matheson, Timmins, Kirkland Lake, Englehart, Earlton, New Liskeard, Haileybury and Cobalt. Listings can also be viewed on the national www.REALTOR.ca web site (residential, commercial and investment properties).
THE TIMMINS, COCHRANE & TIMISKAMING DISTRICTS ASSOCIATION OF REALTORS®
For more information,
Anne Marie Vaillancourt