The number of homes sold through the MLS® System of the Cornwall and District Real Estate Board totaled 153 units in May 2022, decreasing 22.7% from May 2021.
Home sales were 4.5% below the five-year average and 9.8% below the 10-year average for the month of May.
On a year-to-date basis, home sales totaled 639 units over the first five months of the year. This was a large decline of 21.2% from the same period in 2021.
“Sales activity was down from last year’s near-record May and came in just slightly below typical levels for this time of year,” said Troy Vaillancourt, President of the Cornwall and District Real Estate Board. “With new listings also coming in below average in May, the market balance was little changed and the overall supply of listings available on the market remained at historical lows. We expect to see some moderation in demand in response to rising interest rates in the second half of the year, but it would also be nice to see more supply returning to the market as well to offer prospective buyers more choice.”
The average price of homes sold in May 2022 was a record $490,913, a substantial gain of 40.8% from May 2021.
The more comprehensive year-to-date average price was $446,155, a gain of 26.2% from the first five months of 2021.
The dollar value of all home sales in May 2022 was $75.1 million, up by 8.8% from the same month in 2021. This was a new record for the month of May and was also the largest dollar value of homes sold for any month in history.
The number of new listings fell 16.7% from May 2021. There were 210 new residential listings in May 2022.
New listings were 9.2% below the five-year average and 23.6% below the 10-year average for the month of May.
Active residential listings numbered 194 units on the market at the end of May, a moderate decrease of 4.4% (nine listings) from the end of May 2021. Active listings haven’t been this low in the month of May in more than three decades.
Active listings were 45.4% below the five-year average and 68.7% below the 10-year average for the month of May.
Months of inventory numbered 1.3 at the end of May 2022, up from the 1 month recorded at the end of May 2021 and below the long-run average of 3.7 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.