Stability returns to real estate
Stability has returned to the local housing market, figures compiled by the Cornwall and District Real Estate Board indicate, which reports a spike in the average price of homes sold last month.
Sales totalled 138 units in July, seven more than in July of 2017, and were almost exactly in line with both the five-year and ten-year averages for the month.
On a year-to-date basis, home sales totalled 820 units over the first seven months of the year. This was down 5.9% from the same period in 2017.
“Following June’s rebound, Cornwall home sales held at those healthier levels in July,” said real estate board president D.A. MacMillan. “The solid, if average, sales figures this summer are a marked improvement compared to this year’s spring market.”
The average price of homes sold in July 2018 was a near-record $226,618, up 9.3 per cent from July 2017.
The more comprehensive year-to-date average price was $221,083, up 5.5% from the first seven months of 2017.
Low inventory lingers
There were 198 new residential listings in July 2018. This was down 7.9 per cent on a yearly basis to the lowest level for this month since the early 1990s.
Active residential listings numbered 607 units at the end of July. This was a decrease of 16.3% from the end of July 2017, and was the lowest inventory reading on record for this time of year.
The Cornwall and District Real Estate Board covers a large area, including Glengarry, Prescott, Stormont, Cornwall and part of Dundas.