The number of homes sold through the MLS® System of the Cornwall and District Real Estate Board totaled 101 units in July 2023. This was down sharply by 17.2% from July 2022.
Home sales were 28.4% below the five-year average and 25.6% below the 10-year average for the month of July.
On a year-to-date basis, home sales totaled 665 units over the first seven months of the year. This was a substantial decrease of 19.5% from the same period in 2022.
“Sales activity continues to be crimped by a lack of new supply coming onto the market, a trend that continued to play out in July,” said Vicki Vanderveen, President of the Cornwall and District Real Estate Board. “Looking through the seasonal movement from month to month, the overall trend for new listings has been on the decline since 2021. Without new supply returning to the market to replenish the stock of available inventory we don’t really know how much demand is out there because it is likely being restrained by a lack of supply. The market remains tilted in favour of sellers and although prices are down from last year’s record levels, they remain historically elevated. Until sellers return to the market with their listings in meaningful numbers we don’t expect conditions to change much through the rest of the year.”
The average price of homes sold in July 2023 was $455,157, a sizable gain of 12.8% from July 2022.
The more comprehensive year-to-date average price was $427,910, decreasing by 4.3% from the first seven months of 2022.
The dollar value of all home sales in July 2023 was $46 million, a decline of 6.6% from the same month in 2022.
The number of new listings was down by 7.7% (13 listings) from July 2022. There were 155 new residential listings in July 2023. This was the lowest number of new listings added in the month of July in 35 years.
New listings were 17.2% below the five-year average and 26.4% below the 10-year average for the month of July.
Active residential listings numbered 299 units on the market at the end of July, an increase of 13.7% from the end of July 2022.
Active listings were 2.3% above the five-year average and 46% below the 10-year average for the month of July.
Months of inventory numbered 3 at the end of July 2023, up from the 2.2 months recorded at the end of July 2022 and below the long-run average of 4.2 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.