Figures just released by the Renfrew County Real Estate Board (RCREB) show that home sales in the County continue to surge while at the same time setting a new record for the average price.
Residential sales activity recorded in Renfrew County totalled 278 units in July. This was a large increase of 36.3 percent from July 2019. It was also a new sales record for the month of July, and it also resulted in being the first time in the history of the month that sales have surpassed 250 units.
The average price of homes sold in the County in July 2020 was a record $309,613 — a rise of 20.6 percent from July 2019.
The Current contacted local broker Cathy Pitts who commented, “It’s crazy here! All real estate professionals are run off our feet. Not enough properties, ready buyers! Not enough hours in the day! Since September 2018 there have been three increases in market value: 10 percent, 10 percent, and 15 percent respectively.”
Pitts’ comment about there not being enough properties is borne out by additional statistics provided by RCREB who advised that the months of inventory numbered 1.3 at the end of July 2020, down from the 3.5 months recorded at the end of July 2019, and below the long run average of 6.5 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.
Martin,S. Renfrew County Real Estate Board(2020,Aug.19 July 2020 Renfrew County Stats [media notice]