Cornwall housing market put on pause in April amid COVID-19 public health crisis
Residential sales activity in the area served by the Cornwall and District Real Estate Board totaled 76 units in April 2020. This was a decline of 46.1% from April 2019.
On a year-to-date basis, home sales totalled 342 units over the first four months of the year. This was a decrease of 13.6% from the same period in 2019.
“Our housing market experienced a similar freeze as most other parts of the country during April as both buyers and sellers played their part and stayed home during the crisis,” said Helen MacLeod, President of the Cornwall and District Real Estate Board. “That said, REALTORS® were deemed a non-health essential service to assist clients during this challenging time and have quickly adopted new technologies and have implemented strict sanitary protocols to help clients show and view properties.”
The average price of homes sold in April 2020 was $248,158, up 4.9% from April 2019.
The more comprehensive year-to-date average price was $241,300, rising 10.3% from the first four months of 2019.
There were 97 new residential listings in April 2020. This was a large decline of 57.5% on a year-over-year basis. This was the lowest level of new listings added to the market for the month since the late 1980’s.
Active residential listings numbered 267 units at the end of April. This was a decline of 44.9% from the end of April 2019. Active listings were also at their lowest level for the month in over three decades.
Months of inventory numbered 3.5 at the end of April 2020, up from the 3.4 months recorded at the end of April 2019 and below the long-run average of 5.3 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 April 2020 was $18.9 million, declining by 43.5% from the same month in 2019.
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