Low supply ‘crimps’ home sales
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.