Cornwall and District MLS® home sales post strong March despite lack of supply

by | Apr 8, 2022 | Blog

The number of homes sold through the MLS® System of the Cornwall and District Real Estate Board totaled 141 units in March 2022. This was down sharply by 25.4% from March 2021.

Home sales were 11.7% above the five-year average and 17.6% above the 10-year average for the month of March.

On a year-to-date basis, home sales totaled 338 units over the first three months of the year. This was a substantial decrease of 18% from the same period in 2021.

“Sales activity was down from last year’s unprecedented March but still posted one of the best levels on record for this month,” said Troy Vaillancourt, President of the Cornwall and District Real Estate Board. “Unlike some other markets in the province, we haven’t seen a resurgence of new supply coming back online yet. It could be that potential sellers in our region are waiting another month before they list their properties, but as a result of the ongoing strength in demand we’ve seen overall inventories remain at rock-bottom levels.”

The average price of homes sold in March 2022 was $426,106, a sizable gain of 18.3% from March 2021.

The more comprehensive year-to-date average price was $423,302, increasing by 19.7% from the first three months of 2021.

The dollar value of all home sales in March 2022 was $60.1 million, a decrease of 11.8% from the same month in 2021.

The number of new listings was down sharply by 24.8% from March 2021. There were 185 new residential listings in March 2022.

New listings were 6% below the five-year average and 18.4% below the 10-year average for the month of March.

Active residential listings numbered 127 units on the market at the end of March, a notable decrease of 22.1% from the end of March 2021. Active listings haven’t been this low in the month of March in more than three decades.

Active listings were 57.8% below the five-year average and 76.2% below the 10-year average for the month of March.

Months of inventory numbered 0.9 at the end of March 2022, unchanged from the 0.9 months recorded at the end of March 2021 and below the long-run average of 4.8 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.

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