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Home sales up, house prices down in February

The average price of homes sold in February 2017 was $144,038
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20170112 Snowbank Feature KA 04
A real estate sign is covered by snow in this file photo. Kenneth Armstrong/SooToday

NEWS RELEASE

SAULT STE. MARIE REAL ESTATE BOARD

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Residential sales activity in the area served by the Sault Ste. Marie Real Estate Board came in slightly above year-ago levels in February 2017.

Home sales numbered 70 units in February 2017, an increase of 2.9 per cent (two sales) from February 2016.

On a year-to-date basis home sales totaled 127 units over the first two months of the year, edging up 1.6 per cent from the same period in 2016.

The average price of homes sold in February 2017 was $144,038, down 8.9 per cent from February 2016. That said, the average price measure often suffers from increased volatility in the low volume winter months.

The year-to-date average price was $142,792, down 8.2 per cent from the first two months of 2016.

The total value of home sales in February 2017 amounted to $10.1 million, down 6.2 per cent from February 2016.

New residential listings were down 8.6 per cent from year-ago levels to 160 units in February 2017.

Active listings on the Board’s MLS® System numbered 637 units at the end of February, down 7.9 per cent from a year earlier.

There were 9.1 months of inventory at the end of February 2017, down from 10.2 months at the end of February 2016 but above the long-run average for this time of the 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.

Sales of all types of properties numbered 77 units in February 2017. This was up 1.3 per cent from February 2016. The total value of all property sales was $11.2 million, down 4.9 per cent from February 2016.

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