MLS® home sales in Cornwall smash previous March record

by | Apr 16, 2021 | Blog

The number of homes sold through the MLS® System of the Cornwall and District Real Estate Board totaled 191 units in March 2021. This was a substantial increase of 78.5% from March 2020. This was also a new sales record for the month of March.

On a year-to-date basis, home sales totaled a record 414 units over the first three months of the year. This was a jump of 56.2% from the same period in 2020.

“MLS® market activity in Cornwall was very strong in March.” said Troy Vaillancourt, President of the Cornwall and District Real Estate Board. “Resale home sales surpassed the previous March record of 144 set back in 2010. There was also a marked increase in the number of new listings this past month. This should help reinforce the bottom that is forming in overall inventory and should in part fuel the spring market. Although, the infusion of new listings is a welcome reprieve from the recent historic lows, overall inventory is still hovering only slightly above the lowest level in history. This continues to contribute to the extremely tight market conditions we are experiencing, which in turn is maintaining upward pressure on prices keeping average price within striking distance of yet another all-time high. “

The average price of homes sold in March 2021 was $359,314, a large gain of 37.2% from March 2020.
The more comprehensive year-to-date average price was $353,199, advancing 47.5% from the first three months of 2020.

The dollar value of all home sales in March 2021 was $68.6 million, more than double the levels from a year earlier, surging 145% from the same month in 2020. This was a new record for the month of March and was also the largest dollar value of homes sold for any month in history.

The number of new listings saw a substantial increase of 54.1% from March 2020. There were 245 new residential listings in March 2021. This was the largest number of new listings added in the month of March in five years.

Active residential listings numbered 156 units on the market at the end of March, a big decline of 44.7% from the end of March 2020. Active listings haven’t been this low in the month of March in more than three decades.

Months of inventory numbered 0.8 at the end of March 2021, down from the 2.6 months recorded at the end of March 2020 and below the long-run average of 5.4 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 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.