Cornwall area hits new home sales record in January

In this January 2021, file photo, the Cornwall and District Real Estate Board office on Eleventh Street West in Cornwall, Ont. (Cornwall Newswatch/Bill Kingston, File)

CORNWALL – Not even a cold, dreary winter is cooling off home sales in the Cornwall area as the region had another record for the month of January.

Numbers from the Cornwall and District Real Estate Board show 104 homes were bought through the multiple listing service (MLS) – a 76 per cent increase from January 2020.

Board President Helen MacLeod says it’s “the best start to a year we have ever seen in terms of sales activity.”

The average price of homes sold last month was a record $359,663 – up 67 per cent from January 2020.

But the local housing market continues to struggle with not enough inventory to meet demand, pushing up prices, according to MacLeod.

Based on the current sales pace, it would take one month to sell all the homes listed at the end of January 2021, compared to almost five months at the end of January 2020. The long term average to sell all homes listed on MLS is just over eight months.

The board covers the City of Cornwall, Stormont and Glengarry Counties, part of Dundas County and Prescott County (of Prescott-Russell).