MLS® home sales in Cornwall and District decline but still manage second highest August on record as supply issues continue
The number of homes sold through the MLS® System of the Cornwall and District Real Estate Board totaled 170 units in August 2021. This was down by 9.6% from August 2020 but still posted the second best level for this month in history.
Home sales were 13.8% above the five-year average and 20.5% above the 10-year average for the month of August.
On a year-to-date basis, home sales totaled a record 1,343 units over the first eight months of the year. This was a significant increase of 33% from the same period in 2020.
"As expected, MLS® home sales were down compared to the record August in 2020. However, August 2021 sales were still the second highest of any August on record," said Troy Vaillancourt, President of the Cornwall and District Real Estate Board. "On the other hand, the number of newly listed properties was trending well below average for this time of year and as a result overall inventory fell month over month for the first time since January. Continued strength in demand combined with a lack of supply is keeping upward pressure on prices. As long as these factors persist, we expect prices will remain elevated."
The average price of homes sold in August 2021 was $350,372, a gain of 11.3% from August 2020.
The more comprehensive year-to-date average price was $351,987, increasing by 26.1% from the first eight months of 2020.
The dollar value of all home sales in August 2021 was $59.6 million, up only 0.7% from the same month in 2020. This was also a new record for the month of August.
The number of new listings was down sharply by 24.9% from August 2020. There were 151 new residential listings in August 2021. This was the lowest number of new listings added in the month of August in more than three decades.
New listings were 16.6% below the five-year average and 28.1% below the 10-year average for the month of August.
Active residential listings numbered 194 units on the market at the end of August, a decrease of 14.9% from the end of August 2020. Active listings haven't been this low in the month of August in more than three decades.
Active listings were 55.7% below the five-year average and 70.6% below the 10-year average for the month of August.
Months of inventory numbered 1.1 at the end of August 2021, down from the 1.2 months recorded at the end of August 2020 and below the long-run average of 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.
BOARD & ASSOCIATION INFORMATION
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.
CORNWALL AND DISTRICT REAL ESTATE BOARD