The latest statistics from the Renfrew County Real Estate Board confirm a continued decline in sales of homes in the area. The 91 units sold in October 2023 represent a substantial decline of 24.2 percent from October 2022. Home sales were 33.9 percent below the five-year average and 29.2 percent below the ten-year average for the month. On a year-to-date basis, home sales totaled 1,252 units over the first 10 months of the year which was a significant decrease of 15.9 percent from the same period in 2022.
The average price of homes sold in October 2023 was $465,459, up modestly by 3.8 percent from October 2022. The more comprehensive year-to-date average price was $446,214, a decrease of 5.2 percent from the first ten months of 2022. The dollar value of all home sales in October 2023 was $42.4 million, a big reduction of 21.3 percent from the same month in 2022.
There were 177 new residential listings in October 2023, an increase of 9.3 percent (15 listings) from October 2022 .
Active residential listings numbered 422 units on the market at the end of October, a gain of 27.1 percent from the end of October 2022. Active listings were 22 percent above the five-year average and 35.7 percent below the 10-year average for the month of October.
Months of inventory numbered 4.6 at the end of October 2023, up from the 2.8 months recorded at the end of October 2022 and below the long-run average of 5.6 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.
Source: retrieved from https://creastats.crea.ca/board/renf