Rideau-St. Lawrence Real Estate Board MLS® home sales hit five-year high as prices rise sharply amid tight market conditions
The number of homes sold through the MLS® System of the Rideau-St. Lawrence Real Estate Board totaled 77 units in February 2021, up sharply by 32.8% from February 2020. Residential sales haven't hit this level in the month of February in more than five years.
On a year-to-date basis, home sales totaled 126 units over the first two months of the year. This was an increase of 17.8% from the same period in 2020.
In February 2021 the average price of homes sold was a record $412,086, a large gain of 52.6% from February 2020.
The more comprehensive year-to-date average price was $403,156, a substantial gain of 45.2% from the first two months of 2020.
The dollar value of all home sales in February 2021 was $31.7 million, surging 102.6% from the same month in 2020. This was also a new record for the month of February.
The number of new listings were down by 17.2% from February 2020, with 82 new residential listings hitting the market.
There were 68 active residential listings on the market at the end of February. This was a substantial decline of 64.8% from the end of February 2020. Active listings haven't been this low in the month of February in more than three decades.
Months of inventory numbered 0.9 at the end of February 2021, down from the 3.3 months recorded at the end of February 2020 and below the long-run average of 7.8 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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