The number of homes sold through the MLS® System of the Cornwall and District Real Estate Board totaled 86 units in March 2023, declining 25.2% from March 2022.
Home sales were 21.2% below the five-year average and 19.9% below the 10-year average for the month of March.
On a year-to-date basis, home sales totaled 215 units over the first three months of the year. This was a notable decrease of 24.8% from the same period in 2022.
“As the winter weather starts to melt away, MLS® market activity has started to pick up. Although down from the same period in 2022, reported sales in March increased 30% from February. This was partially due to the traditionally busy spring season getting underway” said Vicki Vanderveen, President of the Cornwall and District Real Estate Board. “The number of newly listed properties was at the highest monthly level since last fall. New listings outpaced sales in March, and as a result overall inventory rose back above the 200-home mark. This was good news for potential buyers as they will now have a wider selection of homes to choose from. Despite some challenges in the broader economic landscape, our local market remains vibrant, with steady increases in both sales volume and prices. This speaks to the enduring appeal of our community and the strong demand for quality homes in the Cornwall area.”
The average price of homes sold in March 2023 was $436,035, a modest decline of 2.9% from March 2022.
The more comprehensive year-to-date average price was $409,834, down by 7.4% from the first three months of 2022.
The dollar value of all home sales in March 2023 was $37.5 million, retreating 27.4% from the same month in 2022.
The number of new listings fell 21.3% from March 2022. There were 122 new residential listings in March 2023. This was the lowest number of new listings added in the month of March in more than 35 years.
New listings were 25.1% below the five-year average and 39.6% below the 10-year average for the month of March.
Active residential listings numbered 207 units on the market at the end of March, a substantial gain of 78.4% from the end of March 2022.
Active listings were 6.7% below the five-year average and 55.3% below the 10-year average for the month of March.
Months of inventory numbered 2.4 at the end of March 2023, up from the 1 month recorded at the end of March 2022 and below the long-run average of 4.4 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.