Pembroke – As life continues to return to normal for many people, so too is the red hot housing market in Renfrew County which is beginning to cool.
The number of homes sold through the MLS® System of the Renfrew County Real Estate Board totaled 218 units in June, a big decline of 30.8 per cent compared to the surging market conditions seen in June 2020 but still in line with the average for this time of year.
Home sales were 11.7 per cent below the five-year average and 1.3 per cent above the 10-year average for the month of June.
On a year-to-date basis, home sales totalled a record 1,367 units over the first six months of the year. This was a significant gain of 40.2 per cent from the same period in 2020.
The average price of homes sold in June 2021 was a record $414,783, an advance of 39 per cent from last June.
The more comprehensive year-to-date average price was $394,330, up sharply by 36 per cent from the first six months of 2020.
The dollar value of all home sales in June was $90.4 million, a minor decrease of 3.8 per cent from the same month in 2020.
The number of new listings saw a small reduction of three per cent (nine listings) from last June. There were 287 new residential listings in June 2021.
New listings were 7.5 per cent below the five-year average and 9.4 per cent below the 10-year average for the month of June.
Active residential listings numbered 312 units on the market at the end of June, a substantial reduction of 30.2 per cent from the end of June 2020. Active listings haven't been this low in the month of June in more than 15 years.
Active listings were 58.6 per cent below the five-year average and 69.5 per cent below the 10-year average for the month of June.
Months of inventory numbered 1.4 at the end of June 2021, unchanged from the 1.4 months recorded at the end of June 2020 and below the long-run average of 5.2 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 activity.
Bruce McInyre, Local Journalism Initiative Reporter, The Eganville Leader