The number of homes sold through the MLS® System of the Cornwall and District Real Estate Board totaled 152 units in June 2022. This was a sharp decrease of 17.8% from June 2021.
Home sales were 3.8% below the five-year average and 3.2% below the 10-year average for the month of June.
On a year-to-date basis, home sales totaled 789 units over the first six months of the year. This was down sharply by 20.8% from the same period in 2021.
“With many other markets in the province, and indeed the country, experiencing sharp declines in sales activity we were fortunate enough that sales were down only to average levels for the month of June. However, we are prepared for the possibility that sales will continue to moderate over the remainder of the year, given the continuation of interest rate increases on the horizon,” said Troy Vaillancourt, President of the Cornwall and District Real Estate Board. “There’s been a welcome increase in new listings coming on the market in recent months, which coupled with reduced demand had had a rebalancing effect on the market. Prices remain elevated for the time being, but if price movements in other local markets and the change in market balance are any indication it’s possible that we may also see a moderation in price levels over the remainder of the year.”
The average price of homes sold in June 2022 was $418,748, an increase of 17.9% from June 2021.
The more comprehensive year-to-date average price was $440,958, a sizable gain of 24.6% from the first six months of 2021.
The dollar value of all home sales in June 2022 was $63.6 million, falling by 3.1% from the same month in 2021.
The number of new listings saw a gain of 5.5% (13 listings) from June 2021. There were 251 new residential listings in June 2022. This was the largest number of new listings added in the month of June in more than five years.
New listings were 17.1% above the five-year average and 4.3% above the 10-year average for the month of June.
Active residential listings numbered 267 units on the market at the end of June, up by 19.2% from the end of June 2021.
Active listings were 28.5% below the five-year average and 57.6% below the 10-year average for the month of June.
Months of inventory numbered 1.8 at the end of June 2022, up from the 1.2 months recorded at the end of June 2021 and below the long-run average of 4.1 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.