MLS® home sales in Peterborough and the Kawarthas remain above average in August
The number of homes sold through the MLS® System of the Peterborough and the Kawarthas Association of REALTORS® Inc. totaled 258 units in August 2021 declining 11.3% from August 2020.
Home sales were 6.3% above the five-year average and 7.9% above the 10-year average for the month of August.
On a year-to-date basis, home sales totaled 1,973 units over the first eight months of the year. This was a substantial gain of 33.8% from the same period in 2020.
"Although sales in MLS® listed properties were down from last August, the number of sales in August 2021 was still slightly above the historical average for this time of year," said Jon Maxwell, President of the Peterborough and the Kawarthas Association of REALTORS® Inc. "The number of newly listed properties last month was marginally below what would be considered a typical August. As a result, overall inventory contracted, further tightening availability. With demand consistent and inventory sitting at only half of the 5-year average level, we expect prices to remain elevated in the near term."
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 $632,300 in August 2021, an advance of 33.6% compared to August 2020.
The average price of homes sold in August 2021 was $710,910, a gain of 22.2% from August 2020.
The more comprehensive year-to-date average price was $701,493, up sharply by 31.6% from the first eight months of 2020.
The dollar value of all home sales in August 2021 was $183.4 million, an increase of 8.4% from the same month in 2020. This was also a new record for the month of August.
The number of new listings saw a moderate decrease of 6.4% from August 2020. There were 293 new residential listings in August 2021.
New listings were 2.7% below the five-year average and 8.9% below the 10-year average for the month of August.
Active residential listings numbered 210 units on the market at the end of August, a substantial reduction of 36.4% from the end of August 2020. Active listings haven't been this low in the month of August in more than two decades.
Active listings were 50.4% below the five-year average and 70.9% below the 10-year average for the month of August.
Months of inventory numbered 0.8 at the end of August 2021, down from the 1.1 months recorded at the end of August 2020 and below the long-run average of 3.1 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.
BOARD & ASSOCIATION INFORMATION
There are 600+ real estate professionals in the Peterborough and the Kawarthas Association of REALTORS® Inc. Members adhere to a strict code of ethics and the highest professional standards of the real estate industry. Peterborough and The Kawarthas Association of REALTORS® Inc. covers all of Peterborough County including members in the city of Peterborough and the communities of Ennismore, Bridgenorth, Lakefield, Millbrook, Norwood, Apsley, Bancroft as well as other adjacent rural communities.