October set another record for home sales in Renfrew County

·2 min read

Pembroke -- Residential sales activity in Renfrew County continued to set new records in October with 208 units sold, an increase of 61.2 per cent from October 2019.

On a year-to-date basis, home sales totalled a record 1,872 units, an increase of 14.1 per cent from the same period in 2019 over the first 10 months of the year.

The average price of homes sold last month was a record $342,436, a large increase of 33.3 per cent from October 2019, and setting a new record for the fourth consecutive month.

The more comprehensive year-to-date average price was $307,242, rising by 17.4 per cent from the first 10 months of 2019.

There were 178 new residential listings in October 2020 -- an increase of 18.7 per cent on a year-over-year basis as homeowners continue listing their properties to take advantage of strong growth in home prices.

Active residential listings numbered 225 units at the end of October; a decline of 58.3 per cent from the end of October 2019. Overall inventory is at its lowest level in more than 30 years. A combination of strong demand and low inventory has created an imbalance, driving the market firmly into seller’s territory.

Months of inventory numbered 1.1 at the end of October, down from the 4.2 months recorded at the end of October 2019 and below the long-run average of 7.1 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.

The dollar value of all home sales in October was $71.2 million, more than double the levels from a year earlier, rising, 114.9 per cent from the same month in 2019. This was also a new record for the month of October.

Sales of all property types numbered 252 units in October 2020; an increase of 77.5 per cent from last October. The total value of all properties sold was $79.2 million, more than double the levels from a year earlier, rising 130.3 per cent from October 2019.

Connie Tabbert, Local Journalism Initiative Reporter, The Eganville Leader