Record hot Cornwall area real estate market driving up prices, cutting supply

A sold sign is planted on the front lawn of a home on Jane Street in Cornwall, Ont. on Thursday, June 27, 2019. Numbers from Canadian Real Estate Association show homes are selling a record levels, depleting inventory and pushing prices to new record highs. (Newswatch Group/Bill Kingston)

CORNWALL – The real estate market in the City of Cornwall and surrounding area is turning into a seller’s paradise – and a nail-biter for potential home buyers.

Home sales have hit their highest levels since 2016 but that’s putting pressure on supply and driving up the price of houses to new heights.

According to figures for the area served by the Cornwall and District Real Estate Board, there were 182 units sold in May this year – a 22 per cent jump compared to May last year. There have been 578 units sold in the first five months of 2019, up 11 per cent from the same period of 2018.

That’s left the market with record-low inventory – less than a three month supply – for the “first time ever” and has also pushed sticker prices on houses to new highs.

The average home price in May 2019 was a record $249,986 – up 8 per cent from May 2018. Prices were also up five per cent in the first five months of 2019 compared to 2018.

The board expects prices to “heat up even further into the second half of the year.”

The amount of money generated from all those home sales in the Cornwall area in May was $45.5 million – an all-time record and a 32 per cent jump compared to the same month in 2018.

The Cornwall and District Real Estate Board covers Cornwall, Stormont County, Glengarry County and parts of Dundas County and Prescott-Russell.