Cornwall home sales continue their recovery, setting a new record for the month of July

by | Aug 13, 2020 | Blog

Residential sales activity in the area served by the Cornwall and District Real Estate Board totaled 201 units in July 2020. This was a large increase of 34% from July 2019. This was also a new sales record for the month of July.

On a year-to-date basis, home sales totalled 824 units over the first seven months of the year. This was down 4.2% from the same period in 2019.

“Sales activity increased significantly this past month in Cornwall.” said Helen MacLeod, President of the Cornwall and District Real Estate Board. “Overall a lack of active listings is still a concern for our region, however, new listings returned to the 5-year average helping propel sales to the best July of all-time and the second highest single month total on record.”

The average price of homes sold in July 2020 was $295,205, an increase of 31.9% from July 2019.

The more comprehensive year-to-date average price was $270,675, rising 18.4% from the first seven months of 2019.

There were 219 new residential listings in July 2020. This was little changed, up only 0.5% (one listing) on a year-over-year basis.

Active residential listings numbered 234 units at the end of July. This was a significant decline of 55% from the end of July 2019. Active listings were also at their lowest level for the month in over three decades.

Months of inventory numbered 1.2 at the end of July 2020, down from the 3.5 months recorded at the end of July 2019 and below the long-run average of 5.5 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.

The dollar value of all home sales in July 2020 was $59.3 million, a substantial increase of 76.7% from the same month in 2019. This was a new record for the month of July and was also the largest dollar value of homes sold for any month in history.

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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