Northumberland Hills Association of REALTORS®

Northumberland Hills Association of REALTORS® MLS® home sales fall, new listings continue to rise in July

The number of homes sold through the MLS® System of the Northumberland Hills Association of REALTORS® totaled 68 units in July 2022. This was a big decline of 44.7% from July 2021.

Home sales were 39.8% below the five-year average and 38.9% below the 10-year average for the month of July.

On a year-to-date basis, home sales totaled 583 units over the first seven months of the year. This was a substantial reduction of 33.1% from the same period in 2021.

“Residential sales activity fell to the lowest July reading since 1996 as increased mortgage rates and lower consumer confidence are dampening buyers’ affordability and sentiment on purchasing a home,” said Stacy Vermeire, President of the Northumberland Hills Association of REALTORS®. “A steady stream of new listings combined with lower demand has finally been able to lift overall inventories off their historical lows, although supply remains subdued relative to the rest of history. Our market is well positioned to field an increase in supply, and once the dust settles on the remaining rate hikes and sellers have adjusted their pricing expectations there will be an ample selection of listings waiting for buyers who are currently sidelined.”

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 $752,000 in July 2022, an increase of 11.7% compared to July 2021.

The benchmark price for single-family homes was $756,400, a sizable gain of 10.9% on a year-over-year basis in July. By comparison, the benchmark price for townhouse/row units was $687,400, increasing by 25.2% compared to a year earlier.

The average price of homes sold in July 2022 was $767,819, a sharp decrease of 10.8% from July 2021.

The more comprehensive year-to-date average price was $945,044, up by 14.3% from the first seven months of 2021.

The dollar value of all home sales in July 2022 was $52.2 million, a substantial decline of 50.7% from the same month in 2021.

The number of new listings saw a sizable gain of 24% from July 2021. There were 181 new residential listings in July 2022.

New listings were 6.2% above the five-year average and 6.2% above the 10-year average for the month of July.

Active residential listings numbered 253 units on the market at the end of July, more than double the levels from a year earlier, rocketing up 104% from the end of July 2021.

Active listings were 15.1% above the five-year average and 33.7% below the 10-year average for the month of July.

Months of inventory numbered 3.7 at the end of July 2022, up from the 1 month recorded at the end of July 2021 and on par with the long-run average of 3.7 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 Northumberland Hills Association of REALTORS® was incorporated in 1968. The area served by Northumberland Hills Association of REALTORS® covers the municipalities of Cobourg and Port Hope and stretches from the shores of Lake Ontario across the 401 as far north as Rice Lake, as far east as the Township of Cramahe (which includes the Village of Colborne) and as far west as the easterly limits of Highway 115 in Clarington (formerly the Township of Clarke).


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NORTHUMBERLAND HILLS ASSOCIATION OF REALTORS®

For more information,
please contact:

(905) 372-8630
districtrealestate@bellnet.ca

President
Stacy Vermeire

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