North Bay Real Estate Board MLS® home sales continue meteoric rise in May as prices break through the $400K mark
The number of homes sold through the MLS® System of the North Bay Real Estate Board totaled 187 units in May 2021. This was more than double the levels from a year earlier, jumping 128% from May 2020. This was the third highest level of sales for the month on record and residential sales haven't hit this level in the month of May in more than a decade.
Home sales were 19.7% above the five-year average and 21.2% above the 10-year average for the month of May.
On a year-to-date basis, home sales totaled a record 706 units over the first five months of the year. This was a jump of 85.3% from the same period in 2020.
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/single-family benchmark price was $344,300 in May 2021, a substantial increase of 52.8% compared to May 2020.
The average price of homes sold in May 2021 was a record $406,633, a substantial gain of 39.2% from May 2020.
The more comprehensive year-to-date average price was $385,258, an advance of 46.7% from the first five months of 2020.
The dollar value of all home sales in May 2021 was $76 million, more than double the levels from a year earlier, increasing 217.4% from the same month in 2020. This was a new record for the month of May and was also the largest dollar value of homes sold for any month in history.
The number of new listings saw a substantial increase of 79.5% from May 2020. There were 210 new residential listings in May 2021.
New listings were 6.8% below the five-year average and 23.1% below the 10-year average for the month of May.
Active residential listings numbered 128 units on the market at the end of May, a big decline of 36% from the end of May 2020. Active listings haven't been this low in the month of May in more than three decades.
Active listings were 64.6% below the five-year average and 78.4% below the 10-year average for the month of May.
Months of inventory numbered 0.7 at the end of May 2021, down from the 2.4 months recorded at the end of May 2020 and below the long-run average of 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
Established in 1957, the North Bay Real Estate Board represents approximately 155 REALTORS®. North Bay centers an area bound by Mattawa on the east, Verner on the west, Powassan on the south and Temagami on the north.
NORTH BAY REAL ESTATE BOARD