Residential sales activity recorded through the MLS® System of the Renfrew County Real Estate Board were down slightly on a year-over-year basis in May 2017.
Home sales numbered 187 units in May 2017, a decrease of 4.6% (nine sales) from May 2016 but right in line with the five-year average for the month.
On a year-to-date basis home sales totaled 582 units over the first five months of 2017, 2.5% above than the first five months of 2016.
The average price of homes sold in May 2017 was $263,401, an increase of 11.8% from May 2016.
The less volatile year-to-date average price in May was $243,665, up 6.7% from the first five months of 2016.
There were 301 new residential listings in May 2017, a year-over-year decrease of 13%.
Supply remains well below year-ago levels. Active residential listings on the board’s MLS® System numbered 981 units at the end of May, down 18.3% from May 2016.
There were 5.2 months of inventory at the end of May 2017. This was down from 6.1 months at the end of May 2016 but stood roughly in line with 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 $49.3 million in May, up 6.7% from May 2016.
Sales of all types of properties numbered 208 units, down 2.3% from May 2016. The total value of all property sales was $52.9 million in May 2017, up 11.1% from levels recorded in May 2016.
