Record low num­ber of homes on mar­ket

The Glengarry News - - News -

With a record low num­ber of homes on the mar­ket, res­i­den­tial sales dropped dur­ing June, ac­cord­ing to the Corn­wall and Dis­trict Real Es­tate Board.

Sales to­taled 132 units in June, a de­crease of 17.5 per cent from June 2018.

Home sales have to­talled 710 units over the first six months of the year, up 4.4 per cent from the same pe­riod in 2018.

Ac­tive res­i­den­tial listings num­bered 509 units at the end of June, falling 16.6% from the end of June 2018. This was the low­est level on record for this time of the year. “Home sales fell back in June, al­though that was with both new and over­all listings at or near record lows, so it is very pos­si­ble this is more of a sup­ply story than a de­mand story,” said board pres­i­dent He­len MacLeod. “In line with mild seller’s mar­ket con­di­tions, the av­er­age sales price re­mains on track for a gain of a lit­tle un­der 5 per cent this year.”

The av­er­age price of homes sold in June was $233,730, up 3 per cent from June 2018. The more com­pre­hen­sive year-to-date av­er­age price was $229,502, or 4.4 per cent higher than the av­er­age from the first six months of 2018.

There were 196 new res­i­den­tial listings in June 2019, a de­crease of 11.7 per cent from last year. New sup­ply in the month of June has only ever dipped below 200 two other times since the late 1980s.

Months of in­ven­tory num­bered just 3.9 at the end of June 2019, below the long-run av­er­age of 6.7 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 June 2019 was $30.9 mil­lion, de­creas­ing by 15% from the same month in 2018. The Corn­wall and Dis­trict Real Es­tate Board cov­ers a large area that en­com­passes Stor­mont, Glen­garry, Prescott, Corn­wall and part of Dun­das.

TAY­LOR YOUNG PHOTO

LOVE THOSE LAGOMORPHS: There were rab­bits on hand at the South Glen­garry sum­mer camp, held at Paul Ro­zon Park, in Wil­liamstown on Wed­nes­day morn­ing. Shown are Donato Cella, 11, hold­ing Mas­cara, Caed­mon Van Put­ten, 9, hold­ing Marty, and Jaden Cor­nelis­sen, 6, hold­ing Sparkle.

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