Rideau-St. Lawrence Real Estate Board MLS® home sales continue downward trend in October
The number of homes sold through the MLS® System of the Rideau-St. Lawrence Real Estate Board totaled 63 units in October 2022. This was a big decline of 40% from October 2021.
Home sales were 40.2% below the five-year average and 39.2% below the 10-year average for the month of October.
On a year-to-date basis, home sales totaled 857 units over the first 10 months of the year, decreasing by 26.8% from the same period in 2021.
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 $558,100 in October 2022, a gain of 5.2% compared to October 2021.
The benchmark price for single-family homes was $564,200, up by 5.1% on a year-over-year basis in October. By comparison, the benchmark price for townhouse/row units was $674,500, an increase of 5.7% compared to a year earlier, while the benchmark apartment price was $291,500, a moderate gain of 9.3% from year-ago levels.
The average price of homes sold in October 2022 was $462,633, a decline of 7.6% from October 2021.
The more comprehensive year-to-date average price was $525,611, up by 10.7% from the first 10 months of 2021.
The dollar value of all home sales in October 2022 was $29.1 million, a substantial decline of 44.6% from the same month in 2021.
The number of new listings saw a big reduction of 17.1% from October 2021. There were 87 new residential listings in October 2022. This was the lowest number of new listings added in the month of October in more than 35 years.
New listings were 24.7% below the five-year average and 37.1% below the 10-year average for the month of October.
Active residential listings numbered 179 units on the market at the end of October, a significant gain of 39.8% from the end of October 2021.
Active listings were 20.7% below the five-year average and 64.2% below the 10-year average for the month of October.
Months of inventory numbered 2.8 at the end of October 2022, up from the 1.2 months recorded at the end of October 2021 and below the long-run average of 5 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.
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