Sta­bil­ity re­turns to real es­tate

The Glengarry News - - Sports in the Glens -

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.

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