Home sale prices and new listings continue to decrease

Renfrew County Real Estate Board provided the following statistics for November 2022:

The number of homes sold through the MLS® System of the Renfrew County Real Estate Board totaled 84 units in November 2022. This was a sharp decrease of 39.1 percent from November 2021.

Home sales were 30.8 percent below the five-year average and 23.8 percent below the 10-year average for the month of November.

On a year-to-date basis, home sales totaled 1,602 units over the first 11 months of the year. This was down sharply by 26.5 percent from the same period in 2021.

House prices

Source: Renfrew County Real Estate Board

The average price of homes sold in November 2022 was $443,889, a decrease of 5.5 percent from November 2021.

The more comprehensive year-to-date average price was $467,551, a sizable gain of 15.7 percent from the first 11 months of 2021.

The dollar value of all home sales in November 2022 was $37.3 million, a substantial reduction of 42.5 percent from the same month in 2021.

Residential listings

The number of new listings saw a sharp decrease of 11.2 percent from November 2021. There were 127 new residential listings in November 2022.

New listings were 7.7 percent below the five-year average and 14.1 percent below the 10-year average for the month of November.

Active residential listings numbered 320 units on the market at the end of November, up sharply by 69.3 percent from the end of November 2021.

Active listings were 14.9 percent below the five-year average and 48.9 percent below the 10-year average for the month of November.

Months of inventory numbered 3.8 at the end of November 2022, up from the 1.4 months recorded at the end of November 2021 and below the long-run average of 6.2 months 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.

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