Demand for MLS® listed homes in Northumberland Hills remains strong in April
The number of homes sold through the MLS® System of the Northumberland Hills Association of REALTORS® totaled 136 units in April 2021. This was more than double the levels from a year earlier, rocketing up 177.6% from April 2020.
Home sales were 24.3% above the five-year average and 18.8% above the 10-year average for the month of April.
On a year-to-date basis, home sales totaled 455 units over the first four months of the year. This was a significant increase of 50.7% from the same period in 2020.
"What a difference a year makes!" said Susan Hull, President of the Northumberland Hills Association of REALTORS®. "This time last year we were adapting to the new realities of COVID-19 and adjusting to a once-in-a-generation shift in how our industry conducts business. Fast forward a year to April 2021 and MLS® home sales have posted the third best April numbers in history, surpassed only by the totals posted in the pre-mortgage stress test era of 2016-2017 – a remarkable accomplishment considering the circumstances we have all faced this past year. New listings continue at a strong pace which is helping to backstop overall inventory. However, strong competition for properties continues to put upward pressure on prices, pushing benchmark prices above the $640K mark."
The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $641,800 in April 2021, an advance of 38.2% compared to April 2020.
The benchmark price for single-family homes was $653,400, up sharply by 38.5% on a year-over-year basis in April. By comparison, the benchmark price for townhouse/row units was $446,000, a substantial increase of 33.5% compared to a year earlier.
The average price of homes sold in April 2021 was a record $870,758, climbing 70.4% from April 2020.
The more comprehensive year-to-date average price was $800,259, a significant gain of 41% from the first four months of 2020.
The dollar value of all home sales in April 2021 was $118.4 million, more than double the levels from a year earlier, leaping 373% from the same month in 2020. This was also a new record for the month of April.
The number of new listings more than doubled the levels from a year earlier, jumping 127.2% from the lows in April 2020. There were 184 new residential listings in April 2021.
New listings were 6% above the five-year average and 4.5% below the 10-year average for the month of April.
Active residential listings numbered 133 units on the market at the end of April, decreasing 35.7% from the end of April 2020. Although active listings haven't been this low in the month of April in more than three decades, they appear to have reached a bottom and market conditions are starting to ease slightly.
Active listings were 39.8% below the five-year average and 62% below the 10-year average for the month of April.
Months of inventory numbered 1 at the end of April 2021, down from the 4.2 months recorded at the end of April 2020 and below the long-run average of 3.3 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 Northumberland Hills Association of REALTORS® was incorporated in 1968. The area served by Northumberland Hills Association of REALTORS® covers the municipalities of Cobourg and Port Hope and stretches from the shores of Lake Ontario across the 401 as far north as Rice Lake, as far east as the Township of Cramahe (which includes the Village of Colborne) and as far west as the easterly limits of Highway 115 in Clarington (formerly the Township of Clarke).
NORTHUMBERLAND HILLS ASSOCIATION OF REALTORS®
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