Cornwall and District Real Estate Board

Cornwall and District Real Estate Board MLS® home sales continue uneven recovery, inventories reaching a plateau

The number of homes sold through the MLS® System of the Cornwall and District Real Estate Board totaled 149 units in June 2024. This was an increase of 15.5% from June 2023.

Home sales were 3.9% below the five-year average and 5% below the 10-year average for the month of June.

On a year-to-date basis, home sales totaled 673 units over the first six months of the year. This was a sizable gain of 11.6% from the same period in 2023.

“Home sales in our region are still trending upward, albeit with significant ups and downs from month to month,” said Vicki Vanderveen, President of the Cornwall and District Real Estate Board. “Sellers are still out in force but it seems that the momentum in demand is finally catching up to that of supply, with relative inventories now appearing to top out. Average prices have held up remarkably well compared to other areas where home values have seen declines, and June marked the third highest level for average prices on record.”

The average price of homes sold in June 2024 was $465,861, increasing by 11.7% from June 2023.

The more comprehensive year-to-date average price was $419,693, a modest gain of 1% from the first six months of 2023.

The dollar value of all home sales in June 2024 was $69.4 million, up by 29% from the same month in 2023. This was also a new record for the month of June.

The number of new listings saw an increase of 7.7% (15 listings) from June 2023. There were 209 new residential listings in June 2024.

New listings were 1% below the five-year average and 8.2% below the 10-year average for the month of June.

Active residential listings numbered 422 units on the market at the end of June, a jump of 39.7% from the end of June 2023. Active listings haven’t been this high in the month of June in five years.

Active listings were 43.4% above the five-year average and 21% below the 10-year average for the month of June.

Months of inventory numbered 2.8 at the end of June 2024, up from the 2.3 months recorded at the end of June 2023 and below the long-run average of 3.4 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

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.

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