Cornwall and District Real Estate Board MLS® home sales rise to new February record

by | Mar 10, 2022 | Blog

The number of homes sold through the MLS® System of the Cornwall and District Real Estate Board totaled 124 units in February 2022. This increased by 4.2% (five sales) from February 2021. This was also a new sales record for the month of February.

Home sales were 18.3% above the five-year average and 33.9% above the 10-year average for the month of February.

On a year-to-date basis, home sales totaled 198 units over the first two months of the year. This was a significant decrease of 11.2% from the same period in 2021.

“Even with new listings trending only at average levels for this time of year, home sales still managed to reach the highest level for any February in history,” said Troy Vaillancourt, President of the Cornwall and District Real Estate Board. “This obviously comes at the cost of more inventories being drawn down from the market, with overall supply levels now resting at an unprecedented bottom. Given the almost insatiable level of demand and so little supply to choose from it’s no wonder that price levels are still recording strong gains, and rising to new records.”

The average price of homes sold in February 2022 was a record $434,309, up by 28.6% from February 2021.

The more comprehensive year-to-date average price was $421,692, an increase of 21.2% from the first two months of 2021.

The dollar value of all home sales in February 2022 was $53.9 million, a jump of 34% from the same month in 2021. This was also a new record for the month of February.

The number of new listings edged up 0.7% (one listing) from February 2021. There were 142 new residential listings in February 2022.

New listings were 7.9% above the five-year average and 11.7% below the 10-year average for the month of February.

Active residential listings numbered 92 units on the market at the end of February, a sharp decrease of 27.6% from the end of February 2021. Active listings haven’t been this low in the month of February in more than three decades.

Active listings were 64.8% below the five-year average and 81% below the 10-year average for the month of February.

Months of inventory numbered 0.7 at the end of February 2022, down from the 1.1 months recorded at the end of February 2021 and below the long-run average of 5.8 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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