Deep River hot market for home sales

Renfrew County home sales continued to surge last month, and Deep River is one of the county’s hottest markets, according to figures presented to the county’s development and property committee this week.

The Renfrew County Real Estate Board (RCREB) is reporting that residential sales activity totalled 278 units in July 2020. That’s an increase of 36.3% from July 2019 and a new sales record for the month of July.

To top it all off, this was also the first time in the history of the month that sales ever surpassed 250 units.

On a year-to-date basis, home sales totalled a record 1,233 units over the first seven months of the year – up 2.8% from the same period in 2019.

The average price of homes sold in July 2020 was a record $309,613, rising 20.6% from July 2019.

The more comprehensive year-to-date average price was $294,297, up 11.4% from the first seven months of 2019.

There were 263 new residential listings in July 2020. This was an increase of 11% on a year-over-year basis.

New listings have not rebounded as strongly as home sales, the RCREB says, creating an imbalance of supply and demand and pushing the market even further into seller’s territory.

Active residential listings numbered 361 units at the end of July – a large decline of 49.7% from the end of July 2019. This was also the lowest overall supply for the month in more than 15 years.

The dollar value of all home sales in July 2020 was $86.1 million, a significant increase of 64.4% from the same month in 2019 and a new record for the month of July.

Meanwhile, figures presented at the county show that a total of 89 homes have been sold in Deep River to the end of June 2020, up from 61 in 2019, an increase of 45.9% year over year.

There have been 45 sales in Chalk River and “Laurentian Hills North,” down one from 46 in 2019.

There have no sales this year in the townships of Head, Clara, Maria, down from two last year.

Deep River’s total sales are fourth highest in the county, behind Petawawa, Pembroke and Arnprior.

Petawawa has seen 321 home sales in 2020, down from 373 in 2019. Pembroke’s numbers are 178 sales for 2020, up from 135 in 2019, while Arnprior has seen 106 sales so far this year, down from 117 last year.

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