Home Sales Post Impressive Rebound from 2023
The number of homes sold through the MLS® System of the North Bay and Area REALTORS® Association totaled 47 units in January 2024. This was an advance of 80.8% from January 2023.
Home sales were 6.7% below the five-year average and 16.4% below the 10-year average for the month of January.
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 $380,400 in January 2024, increasing by 3.8% compared to January 2023.
The average price of homes sold in January 2024 was $395,738, a minor decrease of 1.6% from January 2023.
The dollar value of all home sales in January 2024 was $18.6 million, a substantial gain of 77.9% from the same month in 2023.
The number of new listings saw an advance of 38% from January 2023. There were 69 new residential listings in January 2024.
New listings were 9.2% below the five-year average and 39% below the 10-year average for the month of January.
Active residential listings numbered 111 units on the market at the end of January, up by 6.7% (seven listings) from the end of January 2023.
Active listings were 5.3% above the five-year average and 56.4% below the 10-year average for the month of January.
Months of inventory numbered 2.4 at the end of January 2024, down from the 4 months recorded at the end of January 2023 and below the long-run average of 4.5 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.
