New record for home sales in June

houseforsale

After bottoming out in April due to the COVID-19 pandemic, real estate sales in Renfrew County have come roaring back, setting a new all-time high in June according to the latest figures from the Renfrew County Real Estate Board (RCREB).

The RCREB reports that residential sales activity recorded in Renfrew County totalled 305 units in June 2020.

This was an increase of 28.2% from June 2019. This was also a new sales record for the month of June and was the highest level for any month in history.

To top it all off, this was also the first time in history that any month had ever surpassed 300 sales.

On a year-to-date basis, home sales totalled 955 units over the first six months of the year. This was down 4.1% from the same period in 2019.

The average price of homes sold in June 2020 was $298,052, rising 12.5% from June 2019.

The more comprehensive year-to-date average price was $289,838, up by 9.1% from the first six months of 2019.

There were 283 new residential listings in June 2020. This was up 6.8% on a year-over-year basis.

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

Active residential listings numbered 420 units at the end of June; this was a large decline of 45% from the end of June 2019. This was also the lowest overall supply for the month in more than 15 years.

The dollar value of all home sales in June 2020 was $90.9 million, a large increase of 44.2% from the same month in 2019.

This was a new record for the month of June and was also the largest dollar value of homes sold for any month in history.

Sales of all property types numbered 345 units in June 2020; this was a large increase of 33.7% from June 2019. The total value of all properties sold was $100.9 million, a large increase of 51.6% from June 2019.


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