Citing Canadian Real Estate Association (CREA) figures, the local real estate board’s market conditions show that while total sales are down, the average price of the homes sold is rising.
According to a North Bay Real Estate Board report, home sales in the North Bay region are down by 12.5 per cent, a decrease of 15 sales, in April 2018 as compared to April 2017.
So far in 2018, there have been 321 sales, down 20.9 per cent for the January through April period in 2017.
The average home sale price has increased six per cent from April 2017 to the current $257,634, with a year-to-date average price of $249,110, a 6.5 per cent bump from the same period in 2017.
New residential listings have dipped in April 2018 to the lowest level of supply for that month in 30 years. There were 195 new listings last month, a drop of 16.3 per cent year-over-year.
There were 459 active residential listings to begin May, down 20.9 per cent from the same time last year. The report states that this is the lowest level of overall supply at this time of year in over a decade. This is also one of the lowest levels of overall supply on record.