Home sales down 15 per cent from last year, says real estate board

The outgoing president of the Sault Ste. Marie Real Estate Board says 2016 was a difficult year for home sales in the city, with a drop in house sales and listings.

Exit Realty’s Rob Trembinski, who served as the board’s president during the last year, said the number of house sales in the city reduced from 895 this time last year to 758 in 2016, a 15 per cent drop.

In addition, total sales volume dropped 13 per cent year over year.

Trembinski said there hasn’t been as many homes put on the market as last year, with 104 less homes listed.

“I think people have been unsure of the local economy for a variety of reasons. We have seen people sort of turtle-shell a bit and slow down,” said Trembinski.

March was the only month so far in 2016 which saw an increase in sales over the previous year.

Trembinski noted sales volume east of the city was up ‘significantly’ and total number of listing was up ‘a couple of per cent”.

The board’s incoming president, Kim Cloutier, is set to be sworn in tonight.

Trembinski said he learned a lot in his year as president and plans on staying involved in the board in the coming years.

“It’s been a bit of a difficult year, but I’m still optimistic about the future,” he said.

The following is a news release issued today by the Sault Ste. Marie Real Estate Baord:

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The Sault Ste Marie real estate market has experienced a slow down in sales over the 2016 calendar year according to Sault Ste Marie Real Estate Board statistics.

Within the city limits of Sault Ste Marie, the overall total number of sales for 2016 thus far have dipped 15% from 2015, with 137 less sales compared to last year.

The total sales volume dropped 13% over the year before, while the total number of available active residential listings is down5%, which equates to 104 less houses for sale. A total of 1,903 residential homes were listed for sale in 2016 through the end of November.

While the sales numbers have dipped, statistics show that the average sale price in Sault Ste Marie remains stable at just over $189,000. The list to sale ratio, which measures what the average percentage a home sells for of the asking price, also remains stable at just over 95%.

The only month that saw an increase in sales in 2016 was March, with the remainder of the year all falling short of the 2015 sales figures.

“2016 has proved to be a difficult year in Sault Ste Marie,” said Rob Trembinski, President of the Sault Ste Marie Real Estate Board. “I think most of us have felt a dip in the economy over the past 12 months, and the sales statistics prove it.”

There is a total of 403 active residential sales on the market as of November 30, with an average list price of just under $218,000. The average days on the market to sell a home is averaging 64 days, while the total number of listings that did not sell rose from 48.6% in 2015 to 52.7% in 2016.

“Price is the single most important factor in selling your home.” said Trembinski. “Overpricing nearly guarantees that a house will not sell. Buyers are smart, and they know when a house is priced too high. They’re willing to wait to find what they want for the price they want to pay.”

About the Sault Ste. Marie Real Estate Board

Founded in 1954, The Sault Ste Marie Real Estate Board is comprised of over 180 local Realtors whose mission is to bring a high standard of professionalism to every real estate transaction. Not every real estate agent is a REALTOR®. Only REALTORS® are members of CREA. The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. 

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