Home prices con­tinue to in­crease

The Glengarry News - - The Opinion Page -

Res­i­den­tial sales in the area served by the Corn­wall and District Real Es­tate Board to­taled 66 units in Jan­uary, an in­crease of 12 from Jan­uary, 2018.

“The Jan­uary sales fig­ure was the best for that month in four years, so it was a solid start to 2019,” said D.A. MacMil­lan, Pres­i­dent of the Corn­wall Real Es­tate Board. “At the same time, in­ven­to­ries are trend­ing at record lows, which goes a long way to ex­plain­ing the fourth con­sec­u­tive dou­ble-digit year-over-year av­er­age price gain recorded in Jan­uary.”

The av­er­age price of homes sold in Jan­uary 2019 was $209,574, ris­ing by 10.9 per cent from Jan­uary 2018.

There were 143 new res­i­den­tial list­ings in Jan­uary 2019. This was up by only three list­ings from the pre­vi­ous year, and was still one of the low­est Jan­uary lev­els in the past 20 years.

Ac­tive res­i­den­tial list­ings num­bered just 386 units at the end of Jan­uary, which was a record low for this time of the year. It was a de­crease of 13.5% from the end of Jan­uary 2018.

Months of in­ven­tory num­bered 5.8 at the end of Jan­uary 2019, down from the 8.3 months recorded at the end of Jan­uary 2018 and be­low the long-run av­er­age of 12 months for this time of 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 all home sales in Jan­uary 2019 was $13.8 mil­lion, jump­ing 35.5 per cent from the same month in 2018. This was a new record for the month of Jan­uary.

The Corn­wall and District Real Es­tate Board cov­ers a large ter­ri­tory that en­com­passes Glen­garry, Corn­wall, Stor­mont, Prescott and part of Dun­das.

RICHARD MA­HONEY PHO­TOS

WON­DERS: This has been a bad win­ter for snow­men but ice has cre­ated cool and sparkling cov­ers.

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