Rideau-St. Lawrence Real Estate Board MLS® home sales post average May, inventories still at rock-bottom levels
The number of homes sold through the MLS® System of the Rideau-St. Lawrence Real Estate Board totaled 143 units in May 2021. This was a substantial gain of 44.4% from May 2020.
Home sales were just 0.4% below the five-year average and only 0.7% above the 10-year average for the month of May.
On a year-to-date basis, home sales totaled 562 units over the first five months of the year. This was a significant increase of 64.8% from the same period in 2020.
The average price of homes sold in May 2021 was $489,149, up sharply by 54% from May 2020.
The more comprehensive year-to-date average price was $466,984, a substantial increase of 54.4% from the first five months of 2020.
The dollar value of all home sales in May 2021 was $69.9 million, more than double the levels from a year earlier, leaping 122.5% from the same month in 2020. This was also a new record for the month of May.
The number of new listings saw a substantial gain of 47.9% from May 2020. There were 179 new residential listings in May 2021.
New listings were 8.2% below the five-year average and 31.7% below the 10-year average for the month of May.
Active residential listings numbered 130 units on the market at the end of May, a sharp decrease of 33.3% from the end of May 2020. Active listings haven't been this low in the month of May in more than two decades.
Active listings were 60% below the five-year average and 80.2% below the 10-year average for the month of May.
Months of inventory numbered 0.9 at the end of May 2021, down from the 2 months recorded at the end of May 2020 and below the long-run average of 4.7 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.
Board & Association Information
The Rideau-St. Lawrence Real Estate Board was incorporated in January 1954 to provide an information exchange service for Members. That exchange service has evolved into today's modern MLS® system (Multiple Listing Service®), one of the most effective real estate marketing systems in North America. The national website is www.REALTOR.ca. The Rideau-St. Lawrence Real Estate Board covers a large geographic area that includes the United Counties of Leeds & Grenville, Lanark and part of Dundas County in Eastern Ontario.
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