Renfrew County Real Estate Board MLS® home sales, new listings continue to run well below average levels in February. The total of 63 MLS sales of homes last month represents a sharp decrease of 47.1 percent from February 2022. The analysis released by RCREB states:
- Home sales were 38.2 percent below the five-year average and 31.1% below the 10-year average for the month of February.
- On a year-to-date basis, home sales totaled 117 units over the first two months of the year. This was down sharply by 47.5% percent from the same period in 2022.
- The average price of homes sold in February 2023 was $393,941, a substantial decrease of 21.4 percent from February 2022.
Sale prices down
As well as numbers of sales, sale prices also took a beating last month.
- The average price of homes sold in February 2023 was $393,941, a substantial decrease of 21.4 percent from February 2022.
- The more comprehensive year-to-date average price was $406,481, a large decline of 18.1 percent from the first two months of 2022.
- The dollar value of all home sales in February 2023 was $24.8 million, a substantial reduction of 58.4 percent from the same month in 2022.
Inventory: Fewer listings taking longer to sell
- The number of new listings saw a sharp decrease of 17.8 percent from February 2022. There were 111 new residential listings in February 2023. This was the lowest number of new listings added in the month of February in more than three decades.
- New listings were 25.8 percent below the five-year average and 36.9 percent below the 10-year average for the month of February.
- Active residential listings numbered 233 units on the market at the end of February, more than double the levels from a year earlier, increasing 137.8 percent from the end of February 2022.
- Active listings were 25.1 percent below the five-year average and 59.5 percent below the 10-year average for the month of February.
- Months of inventory numbered 3.7 at the end of February 2023, up from the 0.8 months recorded at the end of February 2022 and below the long-run average of 6.9 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.
