Rideau-St. Lawrence Real Estate Board MLS® home sales come in below average in August as low inventory bites into activity
The number of homes sold through the MLS® System of the Rideau-St. Lawrence Real Estate Board totaled 118 units in August 2021. This was a decrease of 19.2% from August 2020.
Home sales were 3% below the five-year average and 7.2% below the 10-year average for the month of August.
On a year-to-date basis, home sales totaled 970 units over the first eight months of the year. This was up by 21.9% from the same period in 2020.
The average price of homes sold in August 2021 was a record $530,327, an increase of 28.8% from August 2020. This was the first time that average price breached the $500,000 mark.
The more comprehensive year-to-date average price was $475,209, a jump of 37.3% from the first eight months of 2020.
The dollar value of all home sales in August 2021 was $62.6 million, increasing by 4.1% from the same month in 2020. This was also a new record for the month of August.
The number of new listings saw a sharp decrease of 13.5% from August 2020. There were 135 new residential listings in August 2021. This was the lowest number of new listings added in the month of August in more than three decades.
New listings were 14.2% below the five-year average and 26.1% below the 10-year average for the month of August.
Active residential listings numbered 150 units on the market at the end of August, down sharply by 18.5% from the end of August 2020. Active listings haven't been this low in the month of August in more than two decades.
Active listings were 56.4% below the five-year average and 76.9% below the 10-year average for the month of August.
Months of inventory numbered 1.3 at the end of August 2021, unchanged from the 1.3 months recorded at the end of August 2020 and below the long-run average of 5.1 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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