The Rideau-St. Lawrence Real Estate Board

Rideau-St. Lawrence Real Estate Board MLS® home sales beginning to show more signs of stabilizing

The number of homes sold through the MLS® System of the Rideau-St. Lawrence Real Estate Board totaled 133 units in May 2024. This was up by 14.7% from May 2023.

Home sales were 8.8% above the five-year average and 1.9% below the 10-year average for the month of May.

On a year-to-date basis, home sales totaled 376 units over the first five months of the year. This was an increase of 11.9% 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 $564,800 in May 2024, increasing by 1.8% compared to May 2023.

The benchmark price for single-family homes was $573,700, a modest gain of 1.6% on a year-over-year basis in May. By comparison, the benchmark price for townhouse/row units was $646,300, up by 10.7% compared to a year earlier, while the benchmark apartment price was $301,600, a minor decrease of 1% from year-ago levels.

The average price of homes sold in May 2024 was $506,629, a small reduction of 3.5% from May 2023.

The more comprehensive year-to-date average price was $493,755, edging down 0.5% from the first five months of 2023.

The dollar value of all home sales in May 2024 was $67.4 million, a gain of 10.6% from the same month in 2023.

The number of new listings was up by 6% (11 listings) from May 2023. There were 193 new residential listings in May 2024. This was the largest number of new listings added in the month of May in five years.

New listings were 13.1% above the five-year average and 10.2% below the 10-year average for the month of May.

Active residential listings numbered 334 units on the market at the end of May, a substantial increase of 51.8% from the end of May 2023. Active listings haven’t been this high in the month of May in five years.

Active listings were 63.4% above the five-year average and 21.7% below the 10-year average for the month of May.

Months of inventory numbered 2.5 at the end of May 2024, up from the 1.9 months recorded at the end of May 2023 and below the long-run average of 3.1 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