Renfrew County Real Estate Board MLS® home sales, new listings continue to run well below average levels in February
The number of homes sold through the MLS® System of the Renfrew County Real Estate Board totaled 63 units in February 2023. This was a sharp decrease of 47.1% from February 2022.
Home sales were 38.2% below the five-year average and 31.1% below the 10-year average for the month of February.
On a year-to-date basis, home sales totaled 117 units over the first two months of the year. This was down sharply by 47.5% from the same period in 2022.
The average price of homes sold in February 2023 was $393,941, a substantial decrease of 21.4% from February 2022.
The more comprehensive year-to-date average price was $406,481, a large decline of 18.1% from the first two months of 2022.
The dollar value of all home sales in February 2023 was $24.8 million, a substantial reduction of 58.4% from the same month in 2022.
The number of new listings saw a sharp decrease of 17.8% from February 2022. There were 111 new residential listings in February 2023. This was the lowest number of new listings added in the month of February in more than three decades.
New listings were 25.8% below the five-year average and 36.9% below the 10-year average for the month of February.
Active residential listings numbered 233 units on the market at the end of February, more than double the levels from a year earlier, increasing 137.8% from the end of February 2022.
Active listings were 25.1% below the five-year average and 59.5% below the 10-year average for the month of February.
Months of inventory numbered 3.7 at the end of February 2023, up from the 0.8 months recorded at the end of February 2022 and below the long-run average of 6.9 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
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 160 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
For more information,
197 Pembroke St. East
Pembroke, ON K8A 3J6
Kristen Graves Kuiack