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North Bay

Do you want to sell your home in North Bay or sell your North Bay house? If your residential property is located in that region, you might appreciate the help and services of the North Bay Real Estate Board (NBREB). This real estate agent was established in 1957 and represents around 155 REALTORS®. Furthermore, through NBREB, you can sell your North Bay house faster. Let’s consider their report.

Home Sales

In November 2020, North Bay Real Estate Board sold homes totaling 124 units through the MLS®. This figure is a 21.7% increase from the one reported in November 2019. Furthermore, the figure is a record set for residential property sales in November since a decade ago. Additionally, on a year-to-date basis, the total number of home sales in 2020 was 1,585 units over the first 11 months. The figure is an increase of 10.3% from the one recorded in 2019 for the same period. Additionally, the total home sales for single-detached homes was 504 units in the third quarter of 2020. This was a 33.7% increase experienced compared to that of the previous year in the same period. The figure was a record of the highest number of sales for the third quarter part of the year.

The Dollar Value

November 2020 had a dollar value of home sales totaling $48.3 million. This is an increase of 29.3% from the value presented in 2019 for the same month. Nonetheless, it is a new record for November and was the first time a value topping $40 million was experienced in the month.

The Home Price Index (HPI)

The price trend is tracked by the MLS® Home Price Index using average or median price measures. The two give a more accurate measure. In November 2020 NBREB recorded an overall MLS® home price index for composite/ single-family benchmark price as $261,900. This amount is a 20.5% increase compared to the one recorded in November the previous year.

Residential Listings

At the end of November 2020, NBREB presented an active residential listing of 128 units. This figure was a 60.1%decrese from the same period in 2019. That was so huge a decrease in the listing. The figure was one of the lowest active listings in the market ever recorded.

Months of Inventory

These are the number of months it takes to sell the available inventories at the present rate of selling inventories. At the end of November 2020, NBREB experienced 1 month of inventory. This was a decrease from the 3 months recorded at the end of November in the previous year. Furthermore, that 1 month of inventory was below the long-run average of 5.8 months for the end of November.

Conclusion

The North Bay Real Estate Board (NBREB) is a real estate agent helping clients who want to sell their North Bay houses or their homes and residential property in the same region. If you are considering selling through NBREB, going through their home sales report can help you decide whether to use their agent or not.

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