July home sales down big in Sault, average price up

The number of homes sold in the Sault in July took a 37.7 per cent drop from last year.

Home sales were 21. 3 per cent below the five year average and 13. 6 per cent below the 10 year average for this time of year.

Despite this, the average price paid for a home jumped 20.3 per cent from last year, sitting at $320,314.

The full Sault Ste. Marie Real Estate Board press release and other property stats for the month are included below.

The number of homes sold through the MLS® System of the Sault Ste. Marie Real Estate Board totaled 149 units in July 2022, decreasing 37.7% from July 2021.

Home sales were 21.3% below the five-year average and 13.6% below the 10-year average for the month of July.

On a year-to-date basis, home sales totaled 1,157 units over the first seven months of the year, down by 24.5% 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 $316,500 in July 2022, an increase of 28.7% compared to July 2021.

The average price of homes sold in July 2022 was $320,314, an increase of 20.3% from July 2021.

The more comprehensive year-to-date average price was $324,562, a gain of 23.1% from the first seven months of 2021.

The dollar value of all home sales in July 2022 was $47.7 million, a notable decline of 25% from the same month in 2021.

The number of new listings saw a modest decline of 2.9% (seven listings) from July 2021. There were 237 new residential listings in July 2022. This was the lowest number of new listings added in the month of July in more than a decade.

New listings were 10.2% below the five-year average and 17.8% below the 10-year average for the month of July.

Active residential listings numbered 349 units on the market at the end of July, up significantly by 33.2% from the end of July 2021.

Active listings were 34.2% below the five-year average and 57.6% below the 10-year average for the month of July.

Months of inventory numbered 2.3 at the end of July 2022, up from the 1.1 months recorded at the end of July 2021 and below the long-run average of 5.1 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 and association information

The Sault Ste. Marie Real Estate Board aspires to be a recognized leader in developing and providing affordable and high quality support services to its membership, staff and to our community in a responsible and caring manner. The Sault Ste. Marie Real Estate Board hosts the Multiple Listing Service® (MLS®) and represents local REALTORS®. The board serves Sault Ste. Marie and the Algoma District including north to Wawa and east to Elliot Lake.