Rideau-St. Lawrence Real Estate Board MLS® home sales surge back to normal levels in October
The number of homes sold through the MLS® System of the Rideau-St. Lawrence Real Estate Board totaled 102 units in October 2024. This was an advance of 67.2% from October 2023.
Home sales were 6.9% above the five-year average and 1.7% above the 10-year average for the month of October.
On a year-to-date basis, home sales totaled 862 units over the first 10 months of the year. This was up by 18.1% 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 $567,200 in October 2024, a gain of 4.4% compared to October 2023.
The benchmark price for single-family homes was $578,200, up by 5.4% on a year-over-year basis in October. By comparison, the benchmark price for townhouse/row units was $632,000, a minor decrease of 3.9% compared to a year earlier, while the benchmark apartment price was $295,300, a small reduction of 1.7% from year-ago levels.
The average price of homes sold in October 2024 was $547,934, a minor increase of 3.3% from October 2023.
The more comprehensive year-to-date average price was $507,522, a small gain of 1.7% from the first 10 months of 2023.
The dollar value of all home sales in October 2024 was $55.9 million, a substantial gain of 72.7% from the same month in 2023. This was also a new record for the month of October.
The number of new listings saw a modest gain of 3.8% (five listings) from October 2023. There were 135 new residential listings in October 2024.
New listings were 13.4% above the five-year average and 8.9% above the 10-year average for the month of October.
Active residential listings numbered 304 units on the market at the end of October, up by 11.4% from the end of October 2023. Active listings haven’t been this high in the month of October in more than five years.
Active listings were 46.3% above the five-year average and 18.2% below the 10-year average for the month of October.
Months of inventory numbered 3 at the end of October 2024, down from the 4.5 months recorded at the end of October 2023 and below the long-run average of 3.8 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
