Cornwall and District Real Estate Board

The number of homes sold through the MLS® System of the Cornwall and District Real Estate Board totaled 111 units in July 2024. This was unchanged from July 2023.

Home sales were 23.6% below the five-year average and 22.2% below the 10-year average for the month of July.

On a year-to-date basis, home sales totaled 784 units over the first seven months of the year. This increased by 9.8% from the same period in 2023.

“Home sales and new listings both seemed to stop and take a breath in July amid the ongoing recovery,” said Vicki Vanderveen, President of the Cornwall and District Real Estate Board. “As a result, overall inventories are essentially moving sideways at the moment with no clear indication of whether the market is moving towards buyer’s or seller’s territory. With prices doing much of the same, we’re looking ahead to the fall months and the impact of the remaining interest rate cuts anticipated through the rest of the year to see how buyers and sellers will respond to gradually easing financial conditions.”

The average price of homes sold in July 2024 was $424,285, a decline of 4.3% from July 2023.

The more comprehensive year-to-date average price was $420,337, nearly unchanged, up only 0.2% from the first seven months of 2023.

The dollar value of all home sales in July 2024 was $47.1 million, a decrease of 4.3% from the same month in 2023.

The number of new listings saw a small gain of 2.4% (four listings) from July 2023. There were 173 new residential listings in July 2024.

New listings were 11.4% below the five-year average and 19.3% below the 10-year average for the month of July.

Active residential listings numbered 426 units on the market at the end of July, a substantial gain of 30.3% from the end of July 2023. Active listings haven’t been this high in the month of July in five years.

Active listings were 38.6% above the five-year average and 20.8% below the 10-year average for the month of July.

Months of inventory numbered 3.8 at the end of July 2024, up from the 2.9 months recorded at the end of July 2023 and below the long-run average of 3.9 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 current rate of sales activity.