Home prices continue to increase
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.
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