The real estate market is ever-changing these days. It’s hard to know where things stand. Is now a good time to sell your home? Or is it time to buy?
Let us tell you our thoughts on what these stats mean for your home-buying or selling journey.
We had Jordan take a look at the stats and let us know what he thinks it means for our market here in Sudbury.
A more detailed explanation of these stats comes straight from the Sudbury Real Estate Board here:
The number of homes sold through the MLS® System of the Sudbury Real Estate Board totaled 170 units in November 2022. This was a substantial reduction of 35.4% from November 2021.
Home sales were 16.5% below the five-year average and 7.4% below the 10-year average for the month of November.
On a year-to-date basis, home sales totaled 2,740 units over the first 11 months of the year. This was a significant decrease of 17.8% 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 $398,600 in November 2022, a small reduction of 2% compared to November 2021.
The average price of homes sold in November 2022 was $439,158, up modestly by 1% from November 2021.
The more comprehensive year-to-date average price was $468,808, an increase of 16.8% from the first 11 months of 2021.
The dollar value of all home sales in November 2022 was $74.7 million, a big decline of 34.7% from the same month in 2021.
The number of new listings saw a substantial decline of 19.1% from November 2021. There were 225 new residential listings in November 2022.
New listings were 4.5% below the five-year average and 11.6% below the 10-year average for the month of November.
Active residential listings numbered 431 units on the market at the end of November, an advance of 43.7% from the end of November 2021.
Active listings were 28% below the five-year average and 56.7% below the 10-year average for the month of November.
Months of inventory numbered 2.5 at the end of November 2022, up from the 1.1 months recorded at the end of November 2021 and below the long-run average of 5.9 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.
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