Rideau-St. Lawrence Real Estate Board MLS® home sales rebound in March
The number of homes sold through the MLS® System of the Rideau-St. Lawrence Real Estate Board totaled 75 units in March 2024. This was up by 15.4% (10 sales) from March 2023.
Home sales were 12.6% below the five-year average and 11.2% below the 10-year average for the month of March.
On a year-to-date basis, home sales totaled 163 units over the first three months of the year. This was a substantial increase of 32.5% from the same period in 2023.
The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $558,400 in March 2024, a small gain of 3.5% compared to March 2023.
The benchmark price for single-family homes was $566,300, increasing by 3.2% on a year-over-year basis in March. By comparison, the benchmark price for townhouse/row units was $647,000, a gain of 9.1% compared to a year earlier, while the benchmark apartment price was $293,500, up by 7.1% from year-ago levels.
The average price of homes sold in March 2024 was $513,238, a moderate gain of 8.1% from March 2023.
The more comprehensive year-to-date average price was $496,857, increasing by 3.5% from the first three months of 2023.
The dollar value of all home sales in March 2024 was $38.5 million, a gain of 24.7% from the same month in 2023.
The number of new listings was nearly unchanged, down only 0.8% (one listing) from March 2023. There were 122 new residential listings in March 2024.
New listings were 8.8% below the five-year average and 22.6% below the 10-year average for the month of March.
Active residential listings numbered 223 units on the market at the end of March, a substantial increase of 40.3% from the end of March 2023. Active listings haven’t been this high in the month of March in five years.
Active listings were 41.5% above the five-year average and 35.9% below the 10-year average for the month of March.
Months of inventory numbered 3 at the end of March 2024, up from the 2.4 months recorded at the end of March 2023 and below the long-run average of 4.2 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.
Board & Association Information
The Rideau-St. Lawrence Real Estate Board was incorporated in January 1954 to provide an information exchange service for Members. That exchange service has evolved into today's modern MLS® system (Multiple Listing Service®), one of the most effective real estate marketing systems in North America. The national website is www.REALTOR.ca. The Rideau-St. Lawrence Real Estate Board covers a large geographic area that includes the United Counties of Leeds & Grenville, Lanark and part of Dundas County in Eastern Ontario.
For more information,
please contact:
(613) 342-3103
rideau@bellnet.ca
Andrea Denison
