The Rideau-St. Lawrence Real Estate Board

Rideau-St. Lawrence Real Estate Board MLS® home sales, new listings continue to build momentum in February

The number of homes sold through the MLS® System of the Rideau-St. Lawrence Real Estate Board totaled 48 units in February 2024. This was a jump of 54.8% from February 2023.

Home sales were 14% below the five-year average and 17.2% below the 10-year average for the month of February.

On a year-to-date basis, home sales totaled 88 units over the first two months of the year. This was a substantial gain of 51.7% 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 $548,800 in February 2024, increasing by 3.2% compared to February 2023.

The benchmark price for single-family homes was $554,300, a modest gain of 3% on a year-over-year basis in February. By comparison, the benchmark price for townhouse/row units was $650,000, up by 4.7% compared to a year earlier, while the benchmark apartment price was $315,000, an increase of 16.2% from year-ago levels.

The average price of homes sold in February 2024 was $459,090, a sharp decrease of 11.2% from February 2023.

The more comprehensive year-to-date average price was $482,896, nearly unchanged, down only 0.6% from the first two months of 2023.

The dollar value of all home sales in February 2024 was $22 million, a substantial increase of 37.4% from the same month in 2023.

The number of new listings saw a jump of 46.7% from February 2023. There were 88 new residential listings in February 2024.

New listings were 10.3% above the five-year average and 10.8% below the 10-year average for the month of February.

Active residential listings numbered 196 units on the market at the end of February, a substantial gain of 59.3% from the end of February 2023. Active listings haven’t been this high in the month of February in five years.

Active listings were 53.4% above the five-year average and 36.3% below the 10-year average for the month of February.

Months of inventory numbered 4.1 at the end of February 2024, up from the 4 months recorded at the end of February 2023 and below the long-run average of 5.4 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.


Logo CENT

For more information,
please contact:

(613) 342-3103
rideau@bellnet.ca

President
Andrea Denison

Dark Mode