The number of homes sold through the MLS® System of the Cornwall and District Real Estate Board totaled 73 units in November 2022. This was a decline of 45.9% from November 2021.
Home sales were 36.3% below the five-year average and 31.9% below the 10-year average for the month of November.
On a year-to-date basis, home sales totaled 1,317 units over the first 11 months of the year, falling 26.5% from the same period in 2021.
“It seems as though the seasonal drop off our local market experiences over the holiday season came a little early this year. MLS® home sales were below average in November even when viewed through the lens of seasonal trends,” said Troy Vaillancourt, President of the Cornwall and District Real Estate Board. “Although new and active listings slipped a bit from last month, overall inventory continued to hold at a relatively stable level. With one more rate hike in the cards for 2022 and the holidays fast approaching, it is reasonable to expect that market activity will remain subdued heading into the end of the year and into early 2023.”
The average price of homes sold in November 2022 was $378,929, decreasing by 8% from November 2021.
The more comprehensive year-to-date average price was $428,727, a gain of 18.4% from the first 11 months of 2021.
The dollar value of all home sales in November 2022 was $27.7 million, down sharply by 50.2% from the same month in 2021.
The number of new listings saw a substantial decrease of 13.4% from November 2021. There were 110 new residential listings in November 2022.
New listings were 3.7% below the five-year average and 21.2% below the 10-year average for the month of November.
Active residential listings numbered 269 units on the market at the end of November, a jump of 83% from the end of November 2021.
Active listings were 3% below the five-year average and 45.8% below the 10-year average for the month of November.
Months of inventory numbered 3.7 at the end of November 2022, up from the 1.1 months recorded at the end of November 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.