Residential sales activity recorded through the MLS® System of the Renfrew County Real Estate Board was down on a year-over-year basis in October 2017.
Home sales numbered 98 units in October 2017, a decrease of 20.3 percent from October 2016. October 2017 sales were broadly in line with both five and 10-year averages for the month.
On a year-to-date basis, home sales totaled 1,275 units over the first 10 months of 2017. This stood 1.5 percent above the same period in 2016 and above all other years going back to 2012 as well.
The average price of homes sold in October 2017 was $210,652, down 8.3 percent from October 2016.
The less volatile and more comprehensive year-to-date average price in October was $233,918, up 3.3 percent from the first ten months of 2016.
There were 138 new residential listings in October 2017, a year-over-year decline of 11 percent. This was the lowest level for October in almost a quarter-century.
Overall supply is now running at multi-year lows. Active residential listings on the board’s MLS® System numbered 735 units at the end of October, down 14 percent from October 2016.
There were 7.5 months of inventory at the end of October 2017. This was slightly up from 7 months at the end of October 2016 but slightly below the long-run average for this time of the 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.
The total value of all residential sales amounted to $20.6 million in October, down 26.9 percent from October 2016.
