Low sup­ply ‘crimps’ home sales

The Glengarry News - - Business And Profession­al Directory -

A spar­sity of homes on the mar­ket has slowed ac­tiv­ity on the real es­tate scene. In March, 98 units were sold in the re­gion served by the Corn­wall and Dis­trict Real Es­tate Board. This to­tal was up by two sales from March 2018 but marked a no­tice­able slow­down from the first two months of 2019. On a year-to-date ba­sis, home sales to­talled 255 units over the first three months of the year, up 5.8% (14 sales) from the same pe­riod in 2018. “Fol­low­ing a strong start to the year in Jan­uary and Fe­bru­ary, homes sales fell back in March,” said board pres­i­dent He­len MacLeod. “That said, the is­sue is likely less about de­mand and more about sup­ply. The his­toric short­age of list­ings has to be, at least in part, re­spon­si­ble for crimp­ing sales.”

The av­er­age price of homes sold in March 2019 was $220,945, up 2.4 per cent from March 2018. The year-to-date av­er­age price was $208,798, ris­ing 1.5 per cent from the first three months of 2018.

There were 194 new res­i­den­tial list­ings in March 2019, a 3.5 per cent de­cline on a year-over-year ba­sis and the low­est March read­ing since 1988.

Ac­tive res­i­den­tial list­ings num­bered 435 units at the end of March – a record low for this time of the year. It was a de­crease of 12.5 per cent from the end of March 2018. The Corn­wall and Dis­trict Real Es­tate Board cov­ers a large area, in­clud­ing Glen­garry, Stor­mont, Prescott, Corn­wall and part of Dun­das.

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