Cornwall and District Real Estate Board MLS® home sale miss February record by five sales

by | Mar 10, 2021 | Blog

The number of homes sold through the MLS® System of the Cornwall and District Real Estate Board totaled 119 units in February 2021. This was up by 20.2% from February 2020. Residential sales haven’t hit this level in the month of February in more than 15 years.

On a year-to-date basis, home sales totaled a record 223 units over the first two months of the year. This was a substantial increase of 41.1% from the same period in 2020.

“Sales activity has remained robust throughout the recovery, with the past several months all either setting a new record or coming close to one,” said Helen MacLeod, President of the Cornwall and District Real Estate Board. “Overall supply levels are still at record lows and prices continue to accelerate at a pace well into the double digits. Without an abatement in demand, which is very unlikely as we head into the spring, or a further increase in new listings to match that demand, it’s expected that tight market conditions will prevail well into 2021.”

In February 2021 the average price of homes sold was $337,735, a big gain of 47.1% from February 2020.

The more comprehensive year-to-date average price was $347,962, was a substantial gain of 55% from the first two months of 2020.

The dollar value of all home sales in February 2021 was $40.2 million, a sharp increase of 76.9% from the same month in 2020. This was also a new record for the month of February.

There were 138 new residential listings in February 2021, up by 16.9% from February 2020.

There were 120 active residential listings on the market at the end of February. This was a substantial decline of 53.7% from the end of February 2020. Active listings haven’t been this low in the month of February in more than three decades.

Months of inventory numbered 1 at the end of February 2021, down from the 2.6 months recorded at the end of February 2020 and below the long-run average of 6.4 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.