The January 2023 data on MLS home sales, new listings and overall inventory released by the Renfrew County Real Estate Board shows all markers running below average. The number of sales was down by 48.1 percent from last January. Home sales were 32 percent below the five-year average and 23.6 percent below the 10-year average for the month of January.
The average price of homes sold in January 2023 was $421,111, down 14.2 percent from January 2022, while the dollar value of all home sales in the period was $22.7 million, falling by 55.4 percent from the same month in 2022.
Higher inventory — area homes selling slower
The number of new listings was down by 10.5 percent (11 listings) from January 2022. The 94 new residential listings added in January 2023 represent the lowest number of new listings added in the month of January in more than three decades. There were 219 units of active residential listings on the market at the end of January, more than double the levels from a year earlier, jumping 133 percent ffrom the end of January 2022.
Active listings were 24.1 percent below the five-year average and 59.2 percent below the 10-year average for the month of January. Months of inventory numbered 4.1 at the end of January 2023, up from the 0.9 months recorded at the end of January 2022 and below the long-run average of 8.5 months for this time of year.