Home prices in the Renfrew County Area are now back to where they were in early 2021.
That’s according to the March report from the Renfrew County Real Estate Board, who say the year-to-date average price of a home sits at $405,608, down 19.4% against the first three months of last year.
Just 92 homes were sold in March at a total cost of $37.2 million dollars, a steep drop of 79% and 59.6% respectively against last year’s sales. Home sales were also around 45% below the five-year average and 33% below the 10-year average during the month.
Those dips come as just 191 new listings hit the market in March, the lowest for the month in nearly three decades.
Despite that, the market could yet be showing signs of life, as 308 homes were actively on the market at the end of last month. That’s a 79% increase over March 2022.
The Real Estate Board says that, at the rate of homes are being sold, it would just over 3 months to sell all of their units currently for sale. That’s down from the 1 month it would have last March and long-run average of 6.1 months for this time of year.
(written by Kasey Egan)