February continued to see declining housing sales in Renfrew County with only 63 units sold, according to the Renfrew County Real Estate Board (RCREB).

That is a sharp decrease of 47 per cent from February 2022. In fact, the totals fall below the Canadian average of 40 per cent as reported in the Canadian Real Estate Association March Housing Report.

Home sales were 38.2 per cent below the five-year average and 31.1 per cent below the 10-year average for the month of February.

This is a far cry from just over a year ago when the January 2022 sales report was filled with good news and optimism in the local market. January 2022 home sales set a record with 109 homes sold, seven more than the year before. 

That report proved to be the last good news to come out of the RCREB for the year.

The release of the February 2022 report showed a decline in home sales and marked the beginning of the current 12-month streak of lower sales compared with 2021 sales. On a year-to-date basis, home sales totalled 117 units over the first two months of the year. This was down sharply by 47.5 per cent from the same period in 2022.

The average price of homes sold in January 2022 was $488,657. Last month the average price of homes sold in Renfrew County was $393,941. That’s a substantial decrease of 21.4 per cent year-over-year and represents almost $100,000 less than one year earlier. 

The value of home sales dropped like a rock with a substantial reduction of 58.4 per cent or $24.8 million compared with the same month in 2022.

The number of new listings saw a sharp decrease of 17.8 per cent from February 2022. There were 111 new residential listings in February 2023. This was the lowest number of new listings added in the month of February in more than three decades.

Renfrew County’s decrease of 17.8 per cent is 10 per cent lower than the national average of 7.9 per cent in terms of new listings on a month-over-month basis in February.

New listings in the county were 25.8 per cent below the five-year average and 36.9 per cent below the 10-year average for the month of February.

Active residential listings numbered 233 units on the market at the end of February, more than double the levels from a year earlier, increasing 137.8 per cent from the end of February 2022.

Active listings were 25.1 per cent below the five-year average and 59.5 per cent below the 10-year average for the month of February.

By Bruce McIntyre, Local Journalism Initiative Reporter

Original Published on Apr 05, 2023 at 07:11

This item reprinted with permission from   The Eganville Leader   Eganville, Ontario
Comments are Welcome - Leave a reply below - Posts are moderated

Comments are Welcome - Leave a reply below - Posts are moderated