Northumberland Hills home sales and new listings grind to a halt in April amid COVID-19 distancing measures
Residential properties sold through the MLS® system for the Northumberland Hills Association of REALTORS® numbered 60 units in April 2020. This was a decline of 45.5% from April 2019.
On a year-to-date basis, home sales totalled 290 units over the first four months of the year. This was down 9.1% from the same period in 2019.
“As expected, home sales and listings both fell dramatically as we all hunkered down to deal with the public health crisis,” said Jody Ledgerwood, President of the Northumberland Hills Association of REALTORS®. “That being said, REALTORS® were deemed an essential service in the province to help assist clients who need to be active in the market during this time. The extreme shortage of properties on the market look to be putting further pressure on home prices and our members have the expertise and are using new virtual tech tools to navigate the challenges around helping clients with their transaction.”
The average price of homes sold in April 2020 was a record $527,974, up 5% from April 2019.
The more comprehensive year-to-date average price was $498,337, up 5.4% from the first four months of 2019.
There were 68 new residential listings in April 2020. This was a large decline of 64.9% on a year-over-year basis.
Active residential listings numbered 229 units at the end of April. This was down 27.5% from the end of April 2019.
Months of inventory numbered 3.8 at the end of April 2020, up from the 2.9 months recorded at the end of April 2019 and below the long-run average of 4.1 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.
The dollar value of all home sales in April 2020 was $31.7 million, declining by 42.7% from the same month in 2019.
Sales of all property types numbered 64 units in April 2020; this was a decline of 46.2% from April 2019. The total value of all properties sold was $33.3 million, declining by 43.5% from April 2019.
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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