Cornwall and District MLS® home sales beginning to show signs of life in April, average price reaches second highest level on record
The number of homes sold through the MLS® System of the Cornwall and District Real Estate Board totaled 108 units in April 2023. This was a large decline of 20% from April 2022.
Home sales were 15% below the five-year average and 15.8% below the 10-year average for the month of April.
On a year-to-date basis, home sales totaled 323 units over the first four months of the year. This was a substantial decline of 23.3% from the same period in 2022.
“Sales activity has gradually been rising on a month-over-month basis since bottoming out last autumn but still remains well below long-term averages,” said Vicki Vanderveen, President of the Cornwall and District Real Estate Board. “Like many other markets in the province and across the country, we’re not seeing the usual surge in new listings that precedes the busy spring market. It could be that sellers are still cautiously waiting on the sidelines for better data to emerge before they begin listing their homes en masse, which is restraining how many homes can sell at the moment. However, due to the tightness of the market, average prices hit their second highest level in history in April, which should bode well for sellers keeping a close eye on the data.”
The average price of homes sold in April 2023 was $470,781, a modest gain of 1.9% from April 2022.
The more comprehensive year-to-date average price was $430,212, down by 4.1% from the first four months of 2022.
The dollar value of all home sales in April 2023 was $50.8 million, a substantial decrease of 18.5% from the same month in 2022.
The number of new listings saw a big reduction of 13% from April 2022. There were 154 new residential listings in April 2023.
New listings were 7.2% below the five-year average and 31.4% below the 10-year average for the month of April.
Active residential listings numbered 222 units on the market at the end of April, a substantial gain of 56.3% from the end of April 2022.
Active listings were 6.6% below the five-year average and 56.1% below the 10-year average for the month of April.
Months of inventory numbered 2.1 at the end of April 2023, up from the 1.1 months recorded at the end of April 2022 and below the long-run average of 4 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.
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