Sault Ste. Marie Real Estate Board says home sales remain strong with the second best June on record in its latest numbers. The following release was issued by the board:
The number of homes sold through the MLS System of the Sault Ste. Marie Real Estate Board totaled 233 units in June 2022. This was a decrease of 6.8% from June 2021 but still marked the second best showing for this month on record.
Home sales were 10.2% above the five-year average and 22.1% above the 10-year average for the month of June.
On a year-to-date basis, home sales totaled 1,009 units over the first six months of the year. This was a large decline of 22% 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 $313,600 in June 2022, a substantial increase of 32.9% compared to June 2021.
The average price of homes sold in June 2022 was $318,874, increasing by 11.4% from June 2021.
The more comprehensive year-to-date average price was $324,898, a gain of 23.4% from the first six months of 2021.
The dollar value of all home sales in June 2022 was $74.3 million, up modestly by 3.8% from the same month in 2021. This was also a new record for the month of June.
The number of new listings saw a minor increase of 1.3% (four listings) from June 2021. There were 321 new residential listings in June 2022. This was the largest number of new listings added in the month of June in five years.
New listings were 4.9% above the five-year average and 4.1% below the 10-year average for the month of June.
Active residential listings numbered 303 units on the market at the end of June, a moderate gain of 8.6% from the end of June 2021.
Active listings were 41.8% below the five-year average and 62.1% below the 10-year average for the month of June.
Months of inventory numbered 1.3 at the end of June 2022, up from the 1.1 months recorded at the end of June 2021 and below the long-run average of 4.5 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.