House prices up by 5.2% since last year
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.