Home sales volume on the upswing
The volume of home sales in the area rose in October, reports the Cornwall and District Real Estate Board. Some 115 units were sold last month, nine more than in October 2017. On a year-to-date basis, home sales totalled 1,168 units over the first ten months of the year. This was down 4.6% from the same period in 2017. “Activity strengthened in October, with sales rising to the highest level for that month since 2015,” said board president D.A. MacMillan. “Meanwhile, with inventories at the lowest level since 1989, the average home price is on track for a gain of about 6 per cent this year.”
The average price of homes sold in October 2018 was $227,650, jumping 21.4 per cent from October 2017. The more comprehensive year-todate average price was $219,409, up 5.8 per cent from the first 10 months of 2017.
There were 153 new residential listings in October 2018. This edged down 1.3% (two listings) on a year-over-year basis and was the lowest October new supply reading since 1993.
Active residential listings numbered 525 units at the end of October. This was a decrease of 12.6% from the end of October 2017 and was the lowest inventory reading for this time of year since 1989.
The dollar value of all home sales in October 2018 was $26.2 million, jumping 31.7% from the same month in 2017. This was a new record for the month. The Cornwall and District Real Estate Board covers a large area, including Glengarry, Stormont, Prescott, Cornwall and part of Dundas.