Home sales plummeted in May versus last year locally.
The 196 units sold by the Renfrew County Real Estate Board were off 7.1 percent versus May 2023- and the ratio is even greater when compared with five and ten-year averages.
But on a year-to-date basis, home sales totaled 651 units over the first five months of 2024, an increase of 12.2% from the same period in 2023.
The average price of homes sold last month was $491,071, a gain of 5% from May 2023.
The dollar value of all home sales in May 2024 was $96.2 million, which was a modest decline of 2.5% from the same month in 2023.
There were 333 new residential listings in May 2024. This was the largest number of new listings added in the month of May in five years.
Active residential listings numbered 526 units on the market at the end of May, an increase of 28% from the end of May 2023. Active listings haven’t been this high in the month of May in five years.
Months of inventory numbered 2.7 at the end of May 2024, up from the 1.9 months recorded at the end of May 2023.
By Rick Stow