Residential sales activity in the area served by the Cornwall and District Real Estate Board totaled 185 units in September 2020. This was a large increase of 37% from September 2019. This was also a new sales record for the month of September.
On a year-to-date basis, home sales totalled 1,197 units over the first nine months of the year. This was up 5.4% from the same period in 2019.
“Market activity continued to outperform expectations in September,” said Helen MacLeod, President of the Cornwall and District Real Estate Board. “with both home sales and new listings remaining strong headed into fall. The story again this month is stronger than expected demand for this time of year combined with the lowest inventory numbers in history are creating upward pressure on prices. The average price once again set a new record broaching the $320k level for the first time in history.”
The average price of homes sold in September 2020 was a record $320,924, rising 28.6% from September 2019.
The more comprehensive year-to-date average price was $285,553, up 23.2% from the first nine months of 2019.
There were 206 new residential listings in September 2020, gaining 21.9% on a year-over-year basis.
Overall supply fell to an all-time low for the third consecutive month. Active residential listings numbered 217 units at the end of September. This was a large decline of 52.8% from the end of September 2019.
Months of inventory numbered 1.2 at the end of September 2020, down from the 3.4 months recorded at the end of September 2019 and below the long-run average of 5.7 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 present rate of sales activity.
The dollar value of all home sales in September 2020 was $59.4 million, rising sharply by 76.2% from the same month in 2019. This was also a new record for the month of September.
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.