Renfrew County Real Estate Board MLS® home sales slow in May 2022 in face of rapid rise in mortgage rates
The number of homes sold through the MLS® System of the Renfrew County Real Estate Board totaled 201 units in May 2022. This was a large decline of 22.7% from May 2021.
Home sales were 17.1% below the five-year average and 11.2% below the 10-year average for the month of May.
On a year-to-date basis, home sales totaled 843 units over the first five months of the year. This was a substantial decline of 26.4% from the same period in 2021.
The average price of homes sold in May 2022 was $475,056, a gain of 21.5% from May 2021.
The more comprehensive year-to-date average price was $490,200, up by 25.4% from the first five months of 2021.
The dollar value of all home sales in May 2022 was $95.5 million, a decrease of 6.1% from the same month in 2021.
The number of new listings saw a moderate decrease of 5.2% from May 2021. There were 307 new residential listings in May 2022.
New listings were 5% below the five-year average and 16.1% below the 10-year average for the month of May.
Active residential listings numbered 241 units on the market at the end of May, a substantial decline of 16.9% from the end of May 2021. Active listings haven’t been this low in the month of May in two decades.
Active listings were 58.6% below the five-year average and 74.4% below the 10-year average for the month of May.
Months of inventory numbered 1.2 at the end of May 2022, up from the 1.1 months recorded at the end of May 2021 and below the long-run average of 4.4 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
Our mission is to provide leadership and support to the members of the Renfrew County Real Estate Board in their pursuit of professional excellence.
The Renfrew County Real Estate Board (RCREB) was formed in 1975 and is a trade association with approximately 150 registered Brokers and Salesperson members in Renfrew County. Members of the Board are also members of the Canadian Real Estate Association (CREA) and the Ontario Real Estate Association (OREA) and as such are entitled to use the REALTOR® trademark.
RENFREW COUNTY REAL ESTATE BOARD
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197 Pembroke St. East
Pembroke, ON K8A 3J6