Listings down, prices up in local April real estate numbers

The Saut Ste. Marie Real Estate Board released its monthly statistics. The following is from the report:

The number of homes sold through the MLS® System of the Sault Ste. Marie Real Estate Board totaled 180 units in April 2022. This was a notable decline of 22.7% from April 2021.

Home sales were 18.3% above the five-year average and 36.3% above the 10-year average for the month of April.

On a year-to-date basis, home sales totaled 597 units over the first four months of the year. This was a decrease of 22.2% 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 $312,500 in April 2022, up sharply by 45.4% compared to April 2021.

The average price of homes sold in April 2022 was $331,121, up by 22.7% from April 2021.

The more comprehensive year-to-date average price was $325,023, a large increase of 31.4% from the first four months of 2021.

The dollar value of all home sales in April 2022 was $59.6 million, a moderate decline of 5.2% from the same month in 2021.

The number of new listings were down 22.3% from April 2021. There were 227 new residential listings in April 2022.

New listings were 3.9% below the five-year average and 15.5% below the 10-year average for the month of April.

Active residential listings numbered 149 units on the market at the end of April, falling 25.1% from the end of April 2021. Active listings haven’t been this low in the month of April in more than three decades.

Active listings were 61.8% below the five-year average and 76.2% below the 10-year average for the month of April.

Months of inventory numbered 0.8 at the end of April 2022, down from the 0.9 months recorded at the end of April 2021 and below the long-run average of 5.4 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.