Cornwall and District Real Estate Board MLS® home sales reach second best November on record

by | Dec 7, 2021 | Blog

The number of homes sold through the MLS® System of the Cornwall and District Real Estate Board totaled 135 units in November 2021. This was a moderate decrease of 6.9% (10 sales) from November 2020.

Home sales were 12.1% above the five-year average and 20.8% above the 10-year average for the month of November.

On a year-to-date basis, home sales totaled a record 1,794 units over the first 11 months of the year. This increased by 19.5% from the same period in 2020.

“Sales activity hasn’t taken much of a breather since the resurgence in the wake of the initial downfall at the onset of the pandemic, with November’s figure as evidence of this. On an annual basis we’ve already set a record, with activity in 2021 well ahead of all other years,” said Troy Vaillancourt, President of the Cornwall and District Real Estate Board. “Supply continues to be an issue in our market, with new listings only trending at average levels for this time of year. Given the white-hot pace of demand against average levels of new supply it’s no surprise that competition among buyers is driving prices to new records, with average price levels reaching above $400k for the first time in history.”

The average price of homes sold in November 2021 was a record $411,684, a gain of 21.4% from November 2020.

The more comprehensive year-to-date average price was $362,217, up by 23.6% from the first 11 months of 2020.

The dollar value of all home sales in November 2021 was $55.6 million, an increase of 13.1% from the same month in 2020. This was also a new record for the month of November.

The number of new listings saw a small reduction of 1.6% (two listings) from November 2020. There were 127 new residential listings in November 2021.

New listings were 6% above the five-year average and 13.4% below the 10-year average for the month of November.

Active residential listings numbered 136 units on the market at the end of November, a substantial decline of 25.3% from the end of November 2020. Active listings haven’t been this low in the month of November in more than three decades.

Active listings were 58.7% below the five-year average and 74.8% below the 10-year average for the month of November.

Months of inventory numbered 1 at the end of November 2021, down from the 1.3 months recorded at the end of November 2020 and below the long-run average of 5.1 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.

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