Record set on real es­tate scene

The Glengarry News - - Classified­s -

Res­i­den­tial sales in the area served by the Corn­wall and District Real Es­tate Board to­taled 182 units in May, an in­crease of 22.1 per cent from May 2018, bet­ter­ing the five-year and 10-year av­er­ages for the month.

The av­er­age price of homes sold in May 2019 was a record $249,986, up 8.4 per cent from May 2018.

On a year-to-date ba­sis, home sales to­talled 578 units over the first five months of the year, up 11.2 per cent from the same pe­riod in 2018 and above 2017 as well.

“Home sales so far this year run­ning at the high­est lev­els since 2016, and that is draw­ing down on the sup­ply of list­ings on the mar­ket,” said board pres­i­dent He­len MacLeod.

In fact, over­all sup­ply is now at a record low, as is the num­ber of months of in­ven­tory, which fell be­low three months for the first time ever in May 2019. As such, May’s record av­er­age price should come as no sur­prise, and we can rea­son­ably ex­pect prices to heat up even fur­ther in the sec­ond half of the year.”

The more com­pre­hen­sive yearto-date av­er­age price was $228,537, ris­ing five per cent from the first five months of 2018.

There were 256 new res­i­den­tial list­ings in May 2019, a de­crease of 12.3 per cent on a year-overyear ba­sis and a 16-year low for the month.

Ac­tive res­i­den­tial list­ings num­bered 509 units at the end of May, down 15.6 per cent from the end of May 2018 and the low­est level for this time of the year on record go­ing back to the late 1980s.

Months of in­ven­tory num­bered just 2.8 at the end of May 2019, down from the 4 months recorded at the end of May 2018 and the low­est read­ing ever for this mea­sure. 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 May 2019 was $45.5 mil­lion, a new all-time record and a jump of 32.4 per cent from the same month in 2018.

The Corn­wall and District Real Es­tate Board cov­ers an area en­com­pass­ing Glen­garry, Corn­wall, Stor­mont, Prescott and part of Dun­das.

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