Rideau-St. Lawrence housing market put on pause in April as nation combats public health crisis
Residential sales activity recorded through the MLS® System of the Rideau-St. Lawrence Real Estate Board totaled 50 units in April 2020. This was a decline of 60.9% from April 2019.
On a year-to-date basis, home sales totalled 242 units over the first four months of the year. This was down 22.2% from the same period in 2019.
The average price of homes sold in April 2020 was $313,387, up 8.7% from April 2019.
The more comprehensive year-to-date average price was $296,207, rising 11.5% from the first four months of 2019.
There were 78 new residential listings in April 2020. This was a decline of 52.4% on a year-over-year basis.
Overall supply has trended sharply lower over the last four years and now sits at record lows. Active residential listings numbered 191 units at the end of April. This was down 34.1% from the end of April 2019.
Months of inventory numbered 3.8 at the end of April 2020, up from the 2.3 months recorded at the end of April 2019 and below the long-run average of 6.2 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.
The total dollar value of all residential sales in April 2020 was $15.7 million, declining by 57.5% from the same month in 2019.
Sales of all property types numbered 59 units in April 2020; this was a decline of 56.9% from April 2019. The total value of all properties sold was $17.1 million, declining by 55.4% from April 2019.
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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