Cornwall and District Real Estate Board MLS® home sales moderate in April but remain above average

The number of homes sold through the MLS® System of the Cornwall and District Real Estate Board totaled 150 units in April 2022. This was a substantial decrease of 25.4% from April 2021.

Home sales were 7.4% above the five-year average and 6.5% above the 10-year average for the month of April.

On a year-to-date basis, home sales totaled 488 units over the first four months of the year. This was a large decline of 20.4% from the same period in 2021.

“Sales activity came in lower compared to last year’s record April but was still trending above average levels for this time of year,” said Troy Vaillancourt, President of the Cornwall and District Real Estate Board. “With new listings still unable to keep up with demand our overall inventory levels remain at rock bottom. Historically tight market conditions are keeping price gains well in the double digits and average price levels are hitting new all-time highs.”

The average price of homes sold in April 2022 was a record $450,671, increasing by 25.9% from April 2021.

The more comprehensive year-to-date average price was $431,714, a gain of 21.6% from the first four months of 2021.

The dollar value of all home sales in April 2022 was $67.6 million, down by 6% from the same month in 2021.

The number of new listings decreasd of 15.3% from April 2021. There were 194 new residential listings in April 2022.

New listings were 1.6% above the five-year average and 23.8% below the 10-year average for the month of April.

Active residential listings numbered 153 units on the market at the end of April, a decline of 15% from the end of April 2021. Active listings haven’t been this low in the month of April in more than three decades.

Active listings were 52.2% below the five-year average and 73.9% below the 10-year average for the month of April.

Months of inventory numbered 1 at the end of April 2022, up from the 0.9 months recorded at the end of April 2021 and below the long-run average of 4.3 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.