The number of homes sold through the MLS® System of the Cornwall and District Real Estate Board totaled 162 units in October 2021. This was unchanged from October 2020 and tied the sales record for the month of October.
Home sales were 20.7% above the five-year average and 30.6% above the 10-year average for the month of October.
On a year-to-date basis, home sales totaled a record 1,662 units over the first 10 months of the year. This was an increase of 22.6% from the same period in 2020.
“Home sales tied with last year for the highest October on record, aided significantly by the resurgence of new supply coming onto the market,” said Troy Vaillancourt, President of the Cornwall and District Real Estate Board. “Despite the strong influx of new listings this was only barely enough to keep pace with demand, which means that overall supply levels are still trending at record lows. With so little supply available on the market and an almost insatiable appetite for homes in this market it’s no surprise that average price levels are moving up to new record highs.”
The average price of homes sold in October 2021 was a record $384,359, a sizable gain of 25.1% from October 2020.
The more comprehensive year-to-date average price was $358,176, increasing by 24.3% from the first 10 months of 2020.
The dollar value of all home sales in October 2021 was $62.3 million, a gain of 25.1% from the same month in 2020. This was also a new record for the month of October.
The number of new listings saw nearly unchanged, up only 0.6% (one listing) from October 2020. There were 179 new residential listings in October 2021. This was the largest number of new listings added in the month of October in more than five years.
New listings were 13.3% above the five-year average and 1.6% below the 10-year average for the month of October.
Active residential listings numbered 172 units on the market at the end of October, a substantial decrease of 22.5% from the end of October 2020. Active listings haven’t been this low in the month of October in more than three decades.
Active listings were 55.4% below the five-year average and 71.2% below the 10-year average for the month of October.
Months of inventory numbered 1.1 at the end of October 2021, down from the 1.4 months recorded at the end of October 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.