More homes in our communities are selling at record prices, but less options are available on the market.
The Renfrew County Real Estate Board says residential sales activity was up 61.2% from October of 2019 to October of 2020.
208 units sold in October making it a record month.
The average price of homes sold in Renfrew County last month (October 2020) was a record $342,436, up 33.3% from October 2019 and setting a new record for the fourth consecutive month.
The 178 new residential listing was also up 18.7% year-over-year.
The local real estate board says active residential listings have seen a large decline, down 58.3% year-over-year.
Overall inventory is hovering at the lowest level in more than 30 years.
The Renfrew County Real Estate Board says a combination of strong demand and low inventory has created an imbalance, driving the market firmly into seller’s territory.
Data from the real estate board shows with the current rate of sales activity, it would take roughly 1.1 months to sell your home, compared to the long-run average of 7.1 months for this time of year.
