The number of homes sold through the MLS® System of the Cornwall and District Real Estate Board totaled 75 units in January 2022. This was a sharp decrease of 27.9% from January 2021.
Home sales were 4.7% above the five-year average and 10.6% above the 10-year average for the month of January.
“Home sales were down significantly from last year’s astronomical January but still posted a very strong showing to start off 2022,” said Troy Vaillancourt, President of the Cornwall and District Real Estate Board. “It’s actually impressive that sales activity managed to come in above average levels for this time of year given the record low inventories we’re now facing. With market conditions being as tight as they are, we can expect to see strong price growth in the near future.”
The average price of homes sold in January 2022 was $397,103, an increase of 10.4% from January 2021.
The dollar value of all home sales in January 2022 was $29.8 million, a substantial decline of 20.4% from the same month in 2021.
The number of new listings saw a gain of 9.3% (eight listings) from January 2021. There were 94 new residential listings in January 2022.
New listings were 19.1% below the five-year average and 43.1% below the 10-year average for the month of January.
Active residential listings numbered 82 units on the market at the end of January, down sharply by 28.7% from the end of January 2021. Active listings haven’t been this low in the month of January in more than three decades.
Active listings were 68.6% below the five-year average and 82.4% below the 10-year average for the month of January.
Months of inventory numbered 1.1 at the end of January 2022, unchanged from the 1.1 months recorded at the end of January 2021 and below the long-run average of 7.4 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.