Record set on real estate scene
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.