Record low number of homes on market
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.
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.