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Reflecting on the Past to Welcome the New: A Look at Sault Ste. Marie Real Estate Trends
The start of a new year is the perfect time to reflect on the journey that brought us here, especially when it comes to Real Estate. With the housing market being a hot topic of discussion around water coolers and dinner tables alike, we thought it would be insightful to take a stroll down memory lane and explore how Sault Ste. Marie’s residential Real Estate market has evolved since the pre-COVID era.
A Market Transformed
At the end of 2019, before the global events that reshaped so many aspects of our lives, owning a great home in Sault Ste. Marie was more affordable. Fast forward to the end of 2024, and the average home price has skyrocketed by an incredible 84.87%. Interestingly, despite this surge in prices, the number of homes sold has decreased.
Here’s a snapshot of how the market has shifted over the past six years:
| Year | Number of Homes Sold | Average Days on Market | Highest Sold Price (Residential) | Average Sold Price |
| 2019 | 1526 | 55 | $925,000 | $183,513 |
| 2020 | 1599 | 36 | $2,000,000 | $213,596 |
| 2021 | 2113 | 20 | $1,600,000 | $273,237 |
| 2022 | 1758 | 23 | $1,490,000 | $310,885 |
| 2023 | 1399 | 30 | $1,487,500 | $317,815 |
| 2024 | 1494 | 27 | $6,000,000 | $339,254 |
Highlights and Insights
- 2023 vs. 2024: While 2023 and 2024 share similarities, including a modest 6.79% increase in average home prices, the record-breaking $6-million sale in 2024 significantly influenced the overall numbers. Without that extraordinary transaction, the increase would be closer to 5.48%, marking the smallest year-over-year change in the past six years.
- The Peak Years: The market was at its busiest in 2021 and 2022, with the highest number of homes sold and the shortest average days on the market. These years also saw intense bidding wars, reflecting the heightened demand and competitive landscape.
- Shifting Trends: As we jump into 2025, it’s clear that pricing strategies and targeted marketing plans will play a pivotal role in navigating the current Real Estate market. Sellers must ensure their properties stand out while aligning with market expectations.
Looking Ahead
If you’re considering selling your home in 2025, understanding these market trends is crucial. Partnering with a knowledgeable and experienced Real Estate Agent can make all the difference in achieving your goals. A customized pricing strategy and a comprehensive marketing plan tailored to your needs are essential.
Jason and Joanne are here to help you every step of the way. Whether you’re curious about your home’s current value or have questions about the market, feel free to reach out anytime. Let’s make 2025 your most successful year yet in Real Estate!
JTeam Real Estate @C21
Joanne Kovich & Jason Sproule
705.257.2633
#UnlockingOpportunities #TeamUp
