Cornwall and District Real Estate Board

The number of homes sold through the MLS® System of the Cornwall and District Real Estate Board totaled 122 units in March 2024. This was a substantial increase of 32.6% from March 2023.

Home sales were 5.9% below the five-year average and 2.4% above the 10-year average for the month of March.

On a year-to-date basis, home sales totaled 269 units over the first three months of the year. This was a sizable gain of 16.5% from the same period in 2023.

“Sales activity and new listings both continued their upward trajectory in March, with home sales coming in on par with the long-term average for this month,” said Vicki Vanderveen, President of the Cornwall and District Real Estate Board. “Demand is really coming back to life after mounting a comeback through the winter, with buyers seemingly done with waiting on the sidelines even as the Bank of Canada’s first anticipated rate cut has been pushed out to the summer. While not historically low by any means, our market is well-supplied with available inventory at the moment. If this resurgence in demand continues, we will likely see a period of modest price growth as these inventories are absorbed before price begin to pick up again.”

The average price of homes sold in March 2024 was $422,278, edging down 0.4% from March 2023.

The more comprehensive year-to-date average price was $408,903, a modest gain of 2.2% from the first three months of 2023.

The dollar value of all home sales in March 2024 was $51.5 million, up sharply by 32.1% from the same month in 2023.

The number of new listings saw a substantial increase of 36.9% from March 2023. There were 178 new residential listings in March 2024.

New listings were 0.9% below the five-year average and 16.3% below the 10-year average for the month of March.

Active residential listings numbered 340 units on the market at the end of March, a jump of 48.5% from the end of March 2023. Active listings haven’t been this high in the month of March in five years.

Active listings were 47.1% above the five-year average and 25.3% below the 10-year average for the month of March.

Months of inventory numbered 2.8 at the end of March 2024, up from the 2.5 months recorded at the end of March 2023 and below the long-run average of 4.1 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.