Rideau-St. Lawrence Real Estate Board MLS® home sales, new listings still on the decline in February
The number of homes sold through the MLS® System of the Rideau-St. Lawrence Real Estate Board totaled 31 units in February 2023. This was a substantial reduction of 47.5% from February 2022.
Home sales were 44% below the five-year average and 44.1% below the 10-year average for the month of February.
On a year-to-date basis, home sales totaled 57 units over the first two months of the year. This was a sharp decrease of 44.1% from the same period in 2022.
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 $527,400 in February 2023, a substantial decline of 12.6% compared to February 2022.
The benchmark price for single-family homes was $533,000, a sharp decrease of 13.2% on a year-over-year basis in February. By comparison, the benchmark price for townhouse/row units was $649,300, down by 6.2% compared to a year earlier, while the benchmark apartment price was $253,700, a decrease of 9.9% from year-ago levels.
The average price of homes sold in February 2023 was $517,203, down by 7.7% from February 2022.
The more comprehensive year-to-date average price was $486,110, a substantial decrease of 12.7% from the first two months of 2022.
The dollar value of all home sales in February 2023 was $16 million, a big decline of 51.5% from the same month in 2022.
The number of new listings saw a substantial decline of 12.1% (eight listings) from February 2022. There were 58 new residential listings in February 2023. This was the lowest number of new listings added in the month of February in more than 35 years.
New listings were 19.4% below the five-year average and 42.9% below the 10-year average for the month of February.
Active residential listings numbered 120 units on the market at the end of February, more than double the levels from a year earlier, surging 126.4% from the end of February 2022.
Active listings were 8.5% below the five-year average and 65.1% below the 10-year average for the month of February.
Months of inventory numbered 3.9 at the end of February 2023, up from the 0.9 months recorded at the end of February 2022 and below the long-run average of 6.3 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
Dana Pearce