Cornwall and District Real Estate Board MLS® home sales post second best July on record

by | Aug 10, 2021 | Blog


The number of homes sold through the MLS® System of the Cornwall and District Real Estate Board totaled 176 units in July 2021. This was a large decline of 12.4% from July 2020.

Home sales were 10.6% above the five-year average and 19.8% above the 10-year average for the month of July.

On a year-to-date basis, home sales totaled a record 1,174 units over the first seven months of the year. This was a substantial gain of 42.8% from the same period in 2020.

“Home sales may have declined from last year’s record-shattering pace but still came in at the second best July in history,” said Troy Vaillancourt, President of the Cornwall and District Real Estate Board. “Rather than declining in tandem with sales activity, new listings have forged on and remain at very supportive levels for the local housing market. Inventories, although still historically low, have picked up from rock-bottom levels and the market is gradually shifting towards more balanced territory.”

The average price of homes sold in July 2021 was $343,525, a gain of 16.4% from July 2020.

The more comprehensive year-to-date average price was $352,134, up sharply by 30% from the first seven months of 2020.

The dollar value of all home sales in July 2021 was $60.5 million, a minor increase of 1.9% from the same month in 2020. This was also a new record for the month of July.

The number of new listings saw a small gain of 3.7% (eight listings) from July 2020. There were 227 new residential listings in July 2021. This was the largest number of new listings added in the month of July in five years.

New listings were 5.8% above the five-year average and 4.9% below the 10-year average for the month of July.

Active residential listings numbered 242 units on the market at the end of July, increasing by 1.7% (four listings) from the end of July 2020.

Active listings were 48.1% below the five-year average and 64.8% below the 10-year average for the month of July.

Months of inventory numbered 1.4 at the end of July 2021, up from the 1.2 months recorded at the end of July 2020 and below the long-run average of 5 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.

BOARD & ASSOCIATION INFORMATION

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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