Residential sales activity in the area served by the Cornwall and District Real Estate Board totaled 163 units in October 2020. This was an increase of 29.4% from October 2019. This was also a new sales record for the month of October.
On a year-to-date basis, home sales totalled 1,358 units over the first 10 months of the year. This was up 7.6% from the same period in 2019.
“Although, home sales retreated slightly from their recent all-time highs,” said Helen MacLeod, President of the Cornwall and District Real Estate Board. “sales numbers still managed to post the best October in history. Shattering the previous record set back in 2004. New listings continue to outpace sales this past month but, the gap is narrowing. Overall inventory is now at the lowest level in our region’s history. The combination of low inventory and strong demand is helping to support the recent upward price movement.”
The average price of homes sold in October 2020 was $307,584, a notable gain of 33.2% from October 2019.
The more comprehensive year-to-date average price was $288,180, rising 24.4% from the first 10 months of 2019.
There were 179 new residential listings in October 2020, was a large increase of 43.2% on a year-over-year basis. This was the largest number of new listings added in the month of October in five years.
Overall supply once again set an all-time low with active residential listings numbering 215 units at the end of October. This was a significant decline of 46.4% from the end of October 2019.
Months of inventory numbered 1.3 at the end of October 2020, down from the 3.2 months recorded at the end of October 2019 and below the long-run average of 5.9 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 present rate of sales activity.
The dollar value of all home sales in October 2020 was $50.1 million, advancing 72.3% from the same month in 2019. This was a new record for the month of October.
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.