Record set for average price of homes selling in Renfrew County
New records have been set for the average price of homes selling in Renfrew County, due to the COVID-19 pandemic.
The low number of houses available on the market has lifted the average selling price of houses in the region. In July, the Renfrew County Real Estate Board says the average price of homes sold was a record $309,613—up from over 20 per cent from the same time period last year.
There were only 361 active residential listings at the end of July, down from almost 50 per cent from July 2019. This was the lowest overall supply for the month in more than 15 years.
Meanwhile, there were 278 residential units sold in July, setting a sales record for the month. It was the first time in the history of the month that sales ever surpassed 250 units.
As new listings have not rebounded as strongly as home sales, it has created an imbalance of supply and demand. As a result, it has pushed the market further into seller's territory.
Other records were also set in July, such as the dollar value of all home sales for the month was $86.1 million.
-- From News Talk 580 CFRA's Samantha Pope