Home sales, prices plunged in Greater Sudbury last month

The Sudbury Real Estate Board says there was a significant decline in the number of homes sold in the city last month compared to the same time in 2021.

Home sales totalled 327 in June, down 15.3 per cent compared to June of last year. Overall, home sales were 1.9 per cent below the five-year average, but were still 8.2 per cent above the 10-year average for June.

"On a year-to-date basis, home sales totalled 1,613 units over the first six months of the year," the board said in a post on its website.

"This was a significant decrease of 14.7 per cent from the same period in 2021."

Home prices are also coming down, although they are still substantially higher than a year ago. The average sale price for a single-family home was $458,727, lower than the more than $500,000 average earlier this year, but 10.9 per cent higher than at the same time a year ago.

Compared to other northern cities, Sudbury home prices now rank second to North Bay ($478,175 average price in June), followed by Sault Ste. Marie ($318,874) and Timmins ($277,231).

The dollar value of all home sales in June was $150 million, a decrease of six per cent from the same month in 2021.

While demand remained strong, more supply was also being added. The board said the number of new listings in June was up by 10.3 per cent compared to last year.

"There were 555 new residential listings in June 2022 ... the largest number of new listings added in the month of June in more than five years," the board said.

"New listings were 10.9 per cent above the five-year average and 7.8 per cent above the 10-year average for the month of June."

Active residential listings numbered 593 units on the market at the end of June, a modest gain of 3.3 per cent from the end of June 2021.

Average home sale prices June 2022

Timmins: $277,231 (up 22.1% from 2021)

Sault Ste. Marie: $318,874 (up 11.4% from 2021)

Greater Sudbury: $458,727 (up 10.9% from 2021)

North Bay: $478,175 (up 13.8% from 2021)