The number of homes sold through the MLS® System of the Cornwall and District Real Estate Board totaled 201 units in April 2021. This was more than double the levels from a year earlier, increasing 164.5% from April 2020. This was also a new sales record for the month of April.
Home sales were 52.7% above the five-year average and 42.1% above the 10-year average for the month of April.
On a year-to-date basis, home sales totaled a record 615 units over the first four months of the year. This was a substantial increase of 80.4% from the same period in 2020.
“Home sales broke the 200 mark for the first time in any April and for only the fourth time in history for any month. We were actually just three sales shy of the all-time sales record set in May 2017,” said Troy Vaillancourt, President of the Cornwall and District Real Estate Board. “Our market has been fortunate enough to have a sustained increase in new listings over the past several months, which has no doubt led to the surge in sales activity. However, overall supply levels are still at record lows and the market remains the tightest it’s ever been, so it’s less of a surprise that we’re seeing competition among potential buyers drive up prices by more than 40% compared to last year.”
The average price of homes sold in April 2021 was $357,525, a jump of 44.1% from April 2020.
The more comprehensive year-to-date average price was $354,613, a substantial gain of 46.9% from the first four months of 2020.
The dollar value of all home sales in April 2021 was $71.9 million, more than double the levels from a year earlier, surging 281% from the same month in 2020. This was a new record for the month of April and was also the largest dollar value of homes sold for any month in history.
The number of new listings more than doubled the levels from a year earlier, increasing 137.1% from the lows in April 2020. There were 230 new residential listings in April 2021.
New listings were 11.7% above the five-year average and 11.9% below the 10-year average for the month of April.
Active residential listings numbered 173 units on the market at the end of April, a substantial decline of 35.9% from the end of April 2020. Active listings haven’t been this low in the month of April in more than three decades.
Active listings were 60.9% below the five-year average and 73.3% below the 10-year average for the month of April.
Months of inventory numbered 0.9 at the end of April 2021, down from the 3.6 months recorded at the end of April 2020 and below the long-run average of 4.7 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.