Cornwall area home prices jumped 25% in 2020

In this November 2020, file photo, a sold sign sits outside a Marydale Avenue home in South Stormont, Ont. The number of homes sold in the Cornwall area jumped 10 per cent in 2020 compared to the previous year. The average price also jumped 25.5 per cent. (Newswatch Group/Bill Kingston, File)

CORNWALL – Final numbers from the Cornwall and District Real Estate Board show just how hot the real restate market was in 2020.

Real estate agents sold 1,589 units in 2020 – up almost 10 per cent from 2019.

Moreover, it was how much those agents were getting for those homes. The annual average price in the city and outskirts was $293,162 – 25.5 per cent higher than in 2019.

The real estate market continues to be squeezed for inventory based on the most recent numbers in December 2020.

Board President Helen MacLeod says new listings couldn’t keep pace with the number of homes sold in December. There were 80 new home listings was 88 units sold. The number of active listings was 138, which the board says is the lowest it’s been in more than 30 years.

“These factors are further degrading an already historically low number of active listing and are acting as a constraint on our local market,” MacLeod said.

A graph from the Canadian Real Estate Association shows the average monthly sale price of homes in the Cornwall area. The average price jumped 25.5 per cent overall in 2020 compared to 2019. (The Canadian Real Estate Association via Newswatch Group)
Thumbs Up(10)Thumbs Down(18)