House prices up by 5.2% since last year

The Glengarry News - Glengarry Supplement - - News -

The av­er­age price of a home in the area has in­creased by about 5 per cent since last year, ac­cord­ing to fig­ures com­piled by the Corn­wall and Dis­trict Real Es­tate Board.

“Fe­bru­ary home sales didn’t set any records, but they did post another solid show­ing, com­ing in on par with the same month last year and right in line with the five-year av­er­age for the month,” said board pres­i­dent Robert Juhasz. “Steady de­mand in the face of a marked down­ward trend in sup­ply sug­gests we may see fur­ther up­ward pres­sure on prices as the spring mar­ket heats up.”

The av­er­age price of homes sold in Fe­bru­ary 2017 was $194,502, ris­ing 2.5 per cent from the same month in 2016.

On a year-to-date ba­sis the av­er­age price was $192,531, up 5.2% from the first two months in 2016.

Home sales num­bered 56 units in Fe­bru­ary 2017, un­changed from Fe­bru­ary 2016.

On a year-to-date ba­sis home sales to­talled 126 units over the first two months of the year, down 4.5 per cent from the same pe­riod in 2016.

New res­i­den­tial list­ings num­bered 155 units in Fe­bru­ary 2017, fall­ing 26.5 per cent from a year ear­lier. This was the low­est level of new sup­ply for Fe­bru­ary in al­most three decades. There were 648 ac­tive res­i­den­tial list­ings on the board’s MLS sys­tem at the end of Fe­bru­ary 2017, down 21.9 per cent from a year ago.

There were 9.3 months of in­ven­tory at the end of Fe­bru­ary. This was down from 11.9 months at the end of Fe­bru­ary 2016 and also stood 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 dol­lar value of homes sold through the board’s MLS sys­tem in Fe­bru­ary 2017 was $13.6 mil­lion, an in­crease of 2.5 per cent from Fe­bru­ary 2016.

The board cov­ers an area that in­clude the coun­ties of Glen­garry, Stor­mont, Prescott, part of Dun­das, and Corn­wall.

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