Record high for home prices
November was a landmark month on the real estate scene.
The average price of homes sold last month was a record $236,307, jumping 19.1 per cent from November 2017.
The more comprehensive yearto-date average price was $220,754, up 6.8 per cent from the first 11 months of 2017.
Residential sales activity in the area served by the Cornwall and District Real Estate Board totaled 101 units in November 2018.
This edged down one per cent or just one sale from November 2017. The November sales figure was also just two sales above the five-year average and just two sales below the longer 10-year average.
On a year-to-date basis, home sales totalled 1,269 units over the first 11 months of the year. This was down 4.3 per cent from the same period in 2017.
“Activity posted a fairly normal November sales figure, little changed from October and little changed from last November as well,” said board president D.A. MacMillan.
Where the trends are more interesting is on the supply side. There are currently fewer listings on the market than at almost any other time on record going back to the late 1980s. That is why prices are rising the way they are. Lack of supply could also be crimping activity, so it is possible that underlying demand is actually stronger than current sales numbers suggest.”
There were 104 new residential listings in November. This was down 24.6 per cent on a year-overyear basis and was the lowest level on record for that month.
Active residential listings numbered 459 units at the end of November, which was also a record low for this time of the year. It was a decrease of 15 per cent from the end of November 2017.
The dollar value of all home sales in November 2018 was $23.9 million, rising 17.9 per cent from the same month in 2017. This was a new record for the month of November.
The Cornwall and District Real Estate Board covers Glengarry, Prescott, Stormont, Cornwall and part of Dundas County.
rules, according to the Canadian Real Estate Association. CREA is projecting that the national average price for a home sold through its multiple-listing service system