The real estate market is ever changing these days. It’s hard to know where things stand. Is now a good time to sell your home?  Or is it time to buy?

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Let us tell you our thoughts on what these stats mean for your home buying or selling journey.

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We had Justin take a look at the stats and let us know what he thinks it means for our market here in Sudbury.

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A more detailed explanation of these stats comes straight from the Sudbury Real Estate Board here:

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The number of homes sold through the MLS® System of the Sudbury Real Estate Board totaled 170 units in October 2022. This was down sharply by 38.4% from October2021.

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Home sales were 32.5% below the five-year average and 26.2% below the 10-yearaverage for the month of October.

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Ona year-to-date basis, home sales totaled 2,571 units over the first 10 months of the year. This was a substantial decrease of 16.3% from the same period in2021.

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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 $402,800 in October 2022, edging down 0.1% compared to October 2021.

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The average price of homes sold in October 2022 was $413,448, a moderate decrease of 6.4% from October 2021

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The more comprehensive year-to-date average price was $470,745, increasing by 18.1%from the first 10 months of 2021.

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The dollar value of all home sales in October 2022 was $70.3 million, a sharp decrease of 42.3% from the same month in 2021.

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The number of new listings was down sharply by 13.5% from October 2021. There were243 new residential listings in October 2022. This was the lowest number of newlistings added in the month of October in 35 years.

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New listings were 15.4% below the five-year average and 22.9% below the 10-yearaverage for the month of October.

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Active residential listings numbered 482 units on the market at the end of October, a substantial increase of 40.1% from the end of October 2021.

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Active listings were 29.8% below the five-year average and 57.5% below the 10-yearaverage for the month of October.

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Months of inventory numbered 2.8 at the end of October 2022, up from the 1.2 months recorded at the end of October 2021 and below the long-run average of 5.2months 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.