Peterborough and the Kawarthas Association of REALTORS® Inc. MLS® home sales post above-average January despite record low supply
The number of homes sold through the MLS® System of the Peterborough and the Kawarthas Association of REALTORS® Inc. totaled 100 units in January 2021. This was an increase of 12.4% (11 sales) from January 2020.
"Home sales came in above the five and 10-year averages for the month of January. This may seem unsurprising because of the recent unprecedented strength in demand but is quite remarkable given how few listings are available now," said Jon Maxwell, President of the Peterborough and the Kawarthas Association of REALTORS® Inc. "New listings posted their lowest January reading on record, providing no relief to a market that is already at its lowest inventory levels on record and is seeing the tightest conditions ever. The unsurprising part, then, is that benchmark price growth continues to strengthen further into double-digit territory."
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 $516,800, rising 23.2% in January 2021 compared to January 2020.
The average price of homes sold in January 2021 was a record $626,414, a large increase of 30.9% from January 2020.
The dollar value of all home sales in January 2021 was $62.6 million, improving 47.1% from the same month in 2020. This was also a new record for the month of January.
There were 131 new residential listings in January 2021. This was down 29.6% from the end of January 2020. This was also the lowest number of new listings added in the month of January in history.
Active residential listings numbered 99 units at the end of January. This was a considerable decline of 68.9% from the end of January 2020. Although slightly improved from last month, active listings haven't been this low in the month of January in more than three decades.
Months of inventory numbered 1 at the end of January 2021, down from the 3.6 months recorded at the end of January 2020 and below the long-run average of 4.8 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.