New Cornwall house listings bump could fuel spring market

A chart from the Cornwall and District Real Estate Board shows the residential sales activity for the region in March 2021. The month was a new sales record with 191 units sold. At nearly $69 million, it was the largest value of homes every recorded in a single month in the region. (CDREB via Newswatch Group)

CORNWALL – The new president of the Cornwall and District Real Estate Board believes a bump in new house listings could fuel a spring market.

The area added 245 new residential listings in March, the largest number added in the month of March in five years. It’s badly needed for a region that’s been struggling with less than a month’s worth of inventory.

“This should help reinforce the bottom that is forming in overall inventory and should in part fuel the spring market,” President Troy Vaillancourt said. “Overall inventory is still hovering only slightly above the lowest level in history. This continues to contribute to the extremely tight market conditions.”

Even with the added stock, the region continues to shatter sales records.

In March, there was a monthly record of 191 homes sold. The value of those homes was nearly $69 million, also a March record. It’s also the largest dollar value of homes sold for any month in history, the board said.

The average price of homes in March was $359,314, up 37 per cent from last year. The average price for the first three months of 2021 is $353,199, up 47 per cent from the same period last year.

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