Cornwall and District MLS® home sales post second highest September monthly total amid ongoing supply shortage

by | Oct 12, 2021 | Blog

The number of homes sold through the MLS® System of the Cornwall and District Real Estate Board totaled 159 units in September 2021. This was a decrease of 13.6% from the record September in 2020.

Home sales were 11.7% above the five-year average and 19.1% above the 10-year average for the month of September.

On a year-to-date basis, home sales totaled a record 1,500 units over the first nine months of the year. This was a sizable gain of 25.6% from the same period in 2020.

“In any other year the number of properties sold through the MLS® system of Cornwall and District in the month of September would have been a record, but when compared directly to September 2020 it falls a distant second,” said Troy Vaillancourt, President of the Cornwall and District Real Estate Board. “New listings outpaced sales last month but not by enough of a margin to prevent a further erosion in overall inventory. If demand continues to be relatively strong and supply continues to shrink, we expect prices to remain elevated in the near term.”

The average price of homes sold in September 2021 was a record $380,987, increasing by 18.5% from September 2020.

The more comprehensive year-to-date average price was $355,351, a gain of 24.4% from the first nine months of 2020.

The dollar value of all home sales in September 2021 was $60.6 million, up modestly by 2.4% from the same month in 2020. This was also a new record for the month of September.

The number of new listings saw a substantial decrease of 11.7% from September 2020. There were 182 new residential listings in September 2021.

New listings were 1.2% below the five-year average and 16% below the 10-year average for the month of September.
Active residential listings numbered 184 units on the market at the end of September, a large decline of 18.2% from the end of September 2020. Active listings haven’t been this low in the month of September in more than three decades.

Active listings were 55.8% below the five-year average and 71.4% below the 10-year average for the month of September.

Months of inventory numbered 1.2 at the end of September 2021, unchanged from the 1.2 months recorded at the end of September 2020 and below the long-run average of 5.2 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 Cornwall and District Real Estate Board covers a large area, including the City of Cornwall and the Counties of Stormont, Glengarry, Prescott, and part of Dundas. It is uniquely situated next to the Quebec and U.S.A. borders, with the scenic St. Lawrence River running along the south and the Ottawa River along the north.

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