Northumberland Hills MLS® home sales post new March monthly record
The number of homes sold through the MLS® System of the Northumberland Hills Association of REALTORS® totaled 157 units in March 2021. This was an advance of 86.9% from March 2020. This was also a new sales record for the month of March.
On a year-to-date basis, home sales totaled a record 319 units over the first three months of the year. This was up by 26.1% from the same period in 2020.
"March was a record setting month in our region." said Susan Hill, President of the Northumberland Hills Association of REALTORS®. "MLS® home sales set a new march record, surpassing the previous high mark set back in 2017. We also saw a notable increase in the number of new listings last month which helped lift overall inventory. Although, the infusion of new listings was a welcome relief, active listings are still hovering only slightly above the lowest levels in history. Headed into the hot spring market the main storyline for our association remains the strength of demand combined with a shortage of overall available listings. These twin factors are contributing to continued upward pressure on prices, driving the average price to another all-time high, surpassing the 800K mark for the first time. "
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 $627,400 in March 2021, an advance of 37.5% compared to March 2020.
The benchmark price for single-family homes was $639,300, up sharply by 38.2% on a year-over-year basis in March. By comparison, the benchmark price for townhouse/row units was $424,400, an increase of 25.2% compared to a year earlier.
The average price of homes sold in March 2021 was a record $803,799, advancing 31.5% from March 2020.
The more comprehensive year-to-date average price was $770,204, a jump of 33.1% from the first three months of 2020.
The dollar value of all home sales in March 2021 was $126.2 million, more than double the levels from a year earlier, rocketing up 145.8% from the same month in 2020. This was a new record for the month of March and was also the largest dollar value of homes sold for any month in history.
The number of new listings saw a gain of 19% from March 2020. There were 207 new residential listings in March 2021. This was the largest number of new listings added in the month of March in more than five years.
Active residential listings numbered 115 units on the market at the end of March, down sharply by 47% from the end of March 2020. Active listings haven't been this low in the month of March in more than three decades.
Months of inventory numbered 0.7 at the end of March 2021, down from the 2.6 months recorded at the end of March 2020 and below the long-run average of 3.4 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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