County home sales set new July record

house-for-sale.jpg

Residential sales activity recorded in Renfrew County totalled 208 units in July 2019.

This was up 7.8% (15 sales) from July 2018 and marked a new all-time record for the month of July, according to the latest market report from the Renfrew County Real Estate Board.

On a year-to-date basis, home sales totalled a record 1,222 units over the first seven months of the year, an increase of 13% from the same period in 2018.

The RCREB says 2019 remains well on track to be a record year for home sales in Renfrew County.

The average price of homes sold in July 2019 was $257,488, up 2.5% from July 2018.

The more comprehensive year-to-date average price was $263,363, climbing 4.5% from the first seven months of 2018.

There were 245 new residential listings in July 2019. This was down 9.9% on a year-over-year basis.

Overall supply is now at a decade low. Active residential listings numbered just 738 units at the end of July, dropping 27.6% from the end of July 2018.

Months of inventory numbered just 3.5 at the end of July 2019, down from the 5.3 months recorded at the end of July 2018 and tied with July 2009 for the lowest level on record for this 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 July 2019 was $53.6 million, rising 10.4% from the same month in 2018. This was a new record for the month of July.

Sales of all property types numbered 226 units in July 2019, up 6.6% (14 sales) from July 2018. The total value of all properties sold was $56.7 million, rising 9.1% from July 2018.

The Renfrew County Real Estate Board (RCREB) was formed in 1975 and is a trade association with approximately 150 registered brokers and salesperson members in Renfrew County.