Oakville-Milton and District Real Estate Board MLS® home sales post above-average May despite record low supply
The number of homes sold through the MLS® System of the Oakville-Milton and District Real Estate Board totaled 577 units in May 2021. This was more than double the levels from a year earlier, leaping 103.9% from May 2020. Residential sales haven't hit this level in the month of May in five years.
Home sales were 17.1% above the five-year average and 3.5% above the 10-year average for the month of May.
On a year-to-date basis, home sales totaled a record 2,911 units over the first five months of the year. This was a substantial gain of 91.3% from the same period in 2020.
"Home sales have cooled somewhat compared to the white-hot levels from earlier this year and late last year but still remain strong," said Lynn Hoffmann, President of the Oakville-Milton and District Real Estate Board. "Supply still has a lot of catching up to do with demand. With new listings coming in at below-average levels and overall inventories still on the decline we’re going to continue seeing considerable price growth in the near future unless these trends reverse course."
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 $1,251,900 in May 2021, up by 22.3% compared to May 2020.
The benchmark price for single-family homes was $1,354,300, an increase of 23.3% on a year-over-year basis in May. By comparison, the benchmark price for townhouse/row units was $725,900, a sizable gain of 20.6% compared to a year earlier, while the benchmark apartment price was $683,700, increasing by 17.8% from year-ago levels.
The average price of homes sold in May 2021 was $1,340,736, an advance of 35.9% from May 2020.
The more comprehensive year-to-date average price was $1,351,116, up sharply by 32.3% from the first five months of 2020.
The dollar value of all home sales in May 2021 was $773.6 million, more than double the levels from a year earlier, jumping 177.1% from the same month in 2020. This was also a new record for the month of May.
The number of new listings climbed 64.4% from May 2020. There were 784 new residential listings in May 2021.
New listings were 16.1% below the five-year average and 15.6% below the 10-year average for the month of May.
Active residential listings numbered 462 units on the market at the end of May, a substantial decline of 29.7% 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 50.7% below the five-year average and 54.3% below the 10-year average for the month of May.
Months of inventory numbered 0.8 at the end of May 2021, down from the 2.3 months recorded at the end of May 2020 and below the long-run average of 1.9 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 Oakville, Milton and District Real Estate Board (OMDREB) represents over 1,800 real estate professionals. The trademark REALTOR® identifies professionals in real estate who subscribe to a strict code of conduct and ethics. OMDREB remains dedicated to offering their Members progressive and innovative industry technology and education so that they may provide the best possible service to their buyers and sellers. We provide the resources necessary to bring local REALTORS® and their clients together. For more information, visit www.omdreb.on.ca or call OMDREB at 905-844-6491.