Record-breaking year end home sales figures are just in from the Renfrew County Real Estate Board (RCREB). The average price of homes sold last month was $325,528 which represents a 38.5 percent increase from December 2019. Another new record for December was the dollar value of all home sales — $34.5 million – a large increase of 79 percent over December 2019. The number of homes sold through the MLS system at 106 units was up 29.5 percent from December 2019.
On an annual basis, home sales totaled 2,117 units over the course of 2020 – an increase of 15.3 percent from the same period in 2019.
Fewer homes for sale
The trend of low inventory continued with active residential listings numbering just 135 units at the end of last month – a large decline of 66.1 percent from the end of 2019. Active listings haven’t been this low in the month of December in more than 15 years, say RCREB.
Cathy Pitts, RE/MAX broker, (pictured) told The Current, “I have been selling for more than 23 years. Normally I have 30 listings at any one time that would move through over 9 to 12 months. Last year the average [number of listings] was 8, down from 2019 when it was 18!”
We asked Pitts if the low December inventory figures were due to the time of year, but she said, “There has not been a “season” or time of year since 2015. Whether waterfront, acreage or residential, it would sell all year round…. We started to have a shortage in September of 2018. In 2019, listings that had sat on the market for nine months or more sold. By September of 2019 you could see the mid-range buyers get nervous that what they were looking for might not be there in 2020 and they were right.”
When asked if she is worried by this lack of listings, Pitts replied: “I am not a worrier. This year I tripled what I do in an average year; that was a blessing and bonus. We all work hard in this business. This year was truly a very busy one. I don’t see that the inventory will be starting to catch up. We had just gone through a generational turnover in 2018. Here [in Renfrew County] we do not have the high peaks and sharp declines as you would in the urban areas in times of uncertainty — usually more of a gentle sweep. The COVID-19 2020 year was one for the books! I don’t see the market slowing yet. Prices are starting to finally level off. This January was the busiest one ever!”
Be ready to move
Pitts offered this advice to prospective sellers: “The difference now is if you are going to speak with someone who is thinking of selling, you must advise them to be prepared to move. Have a plan before you list. They will have offers within one to two weeks maximum. Again, does not matter if small lot, acreage, home in town, home in country with or without acreage and waterfront. I have two people with over 1 million looking for a place on Kamaniskeg Lake – since June! I cannot find one!”
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I’d move for a million dollars, Cathy. Lol.
Cathy, call me!