Sault Ste. Marie Still Showing Strong in 2024

The second quarter of 2024 has shown a strong performance in the real estate market of Sault Ste. Marie. Here's a detailed breakdown of the market stats:

Breakdown by Property Type and Bedroom Count

1 Bedroom Properties

• Total Listed: 45
• Number Sold: 16
• Percentage Sold: 35.56%
• Average List Price: $231,606
• Median List Price: $224,900
• Average Sold Price: $225,123
• Median Sold Price: $225,000
• Sale Price/List Price Ratio: 97.20%
• Average DOM for Sold Properties: 59
• Median DOM for Sold Properties: 23
• Number Expired: 1
• Percentage Expired: 2.22%
• Average List Price of Unsold Properties: $151,420
• Median List Price of Unsold Properties: $125,000

2 Bedroom Properties

• Total Listed: 163
• Number Sold: 88
• Percentage Sold: 53.99%
• Average List Price: $284,646
• Median List Price: $259,450
• Average Sold Price: $283,338
• Median Sold Price: $259,995
• Sale Price/List Price Ratio: 99.54%
• Average DOM for Sold Properties: 28
• Median DOM for Sold Properties: 13
• Number Expired: 10
• Percentage Expired: 6.13%
• Average List Price of Unsold Properties: $286,777
• Median List Price of Unsold Properties: $239,900

3 Bedroom Properties

• Total Listed: 375
• Number Sold: 242
• Percentage Sold: 64.53%
• Average List Price: $346,215
• Median List Price: $319,900
• Average Sold Price: $346,632
• Median Sold Price: $320,000
• Sale Price/List Price Ratio: 100.12%
• Average DOM for Sold Properties: 25
• Median DOM for Sold Properties: 14
• Number Expired: 27
• Percentage Expired: 7.20%
• Average List Price of Unsold Properties: $370,857
• Median List Price of Unsold Properties: $344,900

4 Bedroom Properties

• Total Listed: 145
• Number Sold: 86
• Percentage Sold: 59.31%
• Average List Price: $413,265
• Median List Price: $407,400
• Average Sold Price: $412,883
• Median Sold Price: $392,500
• Sale Price/List Price Ratio: 99.91%
• Average DOM for Sold Properties: 28
• Median DOM for Sold Properties: 14
• Number Expired: 17
• Percentage Expired: 11.72%
• Average List Price of Unsold Properties: $477,769
• Median List Price of Unsold Properties: $434,900

5+ Bedroom Properties

• Total Listed: 48
• Number Sold: 28
• Percentage Sold: 58.33%
• Average List Price: $526,357
• Median List Price: $479,900
• Average Sold Price: $520,134
• Median Sold Price: $478,000
• Sale Price/List Price Ratio: 98.82%
• Average DOM for Sold Properties: 23
• Median DOM for Sold Properties: 13
• Number Expired: 6
• Percentage Expired: 12.50%
• Average List Price of Unsold Properties: $745,066
• Median List Price of Unsold Properties: $799,000

Conclusion

The Sault Ste. Marie real estate market continues to show resilience and strong performance, with a healthy sale price/list price ratio across all property types. The market remains competitive, especially for 3-bedroom properties, which have the highest percentage sold and a sale price that slightly exceeds the list price on average. As always, pricing competitively and being mindful of market trends are key strategies for sellers.

Stay tuned for more updates and insights into the Sault Ste. Marie real estate market.