Home prices soar in Greater Sudbury, reach new record in January

Home prices are expected to climb higher next year as unmet demand in the second half of 2020 carries over into 2021, a report by Royal LePage says.

Greater Sudbury's red hot housing market showed no signs of slowing down in January, with average selling prices hitting a new record.

According to the Sudbury Real Estate Board, prices hit a new high and supply reached a new low last month. A total of 162 units sold last month, with an average selling price of $458,144.

While the number of units sold was down slightly from January 2021, the average price increased by 29.7 per cent. And home sales were 19.1 per cent above the five-year average and 29 per cent above the 10-year average for the month of January.

"The dollar value of all home sales in January 2022 was $74.2 million, up by 26.6 per cent from the same month in 2021," the board said in a news release.

"This was also a new record for the month of January."

Other notes from January home sales:

- The number of new listings increased by 5.8 per cent (12 listings) from January 2021. There were 218 new residential listings in January 2022.

- New listings were 10.4 per cent below the five-year average and 18.1 per cent below the 10-year average for the month of January.

- Active residential listings numbered 191 units on the market at the end of January, a big decline of 36.3 per cent from the end of January 2021. Active listings haven't been this low in the month of January in more than three decades.

- Active listings overall were 68 per cent below the five-year average and 78.7 per cent below the 10-year average for the month of January.

The Sudbury Real Estate Board represents about 400 Realtors registered with its member offices in the Greater Sudbury area.