Cornwall and District Real Estate Board MLS® home sales remain well below average but show signs of improvement in October
The number of homes sold through the MLS® System of the Cornwall and District Real Estate Board totaled 101 units in October 2022. This was down sharply by 36.9% from October 2021.
Home sales were 23.9% below the five-year average and 16.3% below the 10-year average for the month of October.
On a year-to-date basis, home sales totaled 1,245 units over the first 10 months of the year. This was a substantial decrease of 24.9% from the same period in 2021.
“Home sales posted another large year-over-year decline in October and will continue to do so as we move past last year’s record or near-record levels of activity. However, looking beyond the normal seasonal trend it appears that monthly sales have posted two successive rebounds since bottoming out in August,” said Troy Vaillancourt, President of the Cornwall and District Real Estate Board. “Only time, and any further unexpected interest rate increases, will tell if this is the beginning of a stabilizing trend or just a blip in the data. On the supply side, overall inventories are up from record lows at the beginning of the year but not by much. Even with the substantial decline in sales our market is still holding steady in seller’s territory for the time being.”
The average price of homes sold in October 2022 was $413,907, a moderate gain of 7.1% from October 2021.
The more comprehensive year-to-date average price was $431,572, increasing by 20.5% from the first 10 months of 2021.
The dollar value of all home sales in October 2022 was $41.8 million, a sharp decrease of 32.4% from the same month in 2021.
The number of new listings was down sharply by 24% from October 2021. There were 136 new residential listings in October 2022.
New listings were 11.8% below the five-year average and 21.1% below the 10-year average for the month of October.
Active residential listings numbered 280 units on the market at the end of October, a substantial increase of 52.2% from the end of October 2021.
Active listings were 13.5% below the five-year average and 49.1% 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 1.1 months recorded at the end of October 2021 and below the long-run average of 4.9 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 Cornwall and District Real Estate Board covers a large area, including the City of Cornwall and the Counties of Stormont, Glengarry, Prescott, and part of Dundas. It is uniquely situated next to the Quebec and U.S.A. borders, with the scenic St. Lawrence River running along the south and the Ottawa River along the north.
CORNWALL AND DISTRICT REAL ESTATE BOARD