Quinte & District MLS® home sales post second highest August total ever as overall inventory continues to fall
The number of homes sold through the MLS® System of the Quinte & District Association of REALTORS® Inc. totaled 403 units in August 2021. This was a decrease of 6.1% from August 2020.
Home sales were 16.9% above the five-year average and 25.9% above the 10-year average for the month of August.
On a year-to-date basis, home sales totaled a record 3,442 units over the first eight months of the year. This was a jump of 41.9% from the same period in 2020.
"As expected, sales were down when compared to last August. However, unlike many other areas of Ontario, MLS® home sales in our region continued at a significantly higher pace than the historical averages for August," said Don McColl, President of the Quinte & District Association of REALTORS® Inc. "The number of newly listed properties was also above average for this time of year. However, due to the sustained strength in demand overall inventory continued to fall, maintaining the tight market conditions that have become commonplace over this past year."
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 $495,700 in August 2021, a substantial increase of 34.5% compared to August 2020.
The benchmark price for single-family homes was $497,900, a jump of 34.7% on a year-over-year basis in August. By comparison, the benchmark price for townhouse/row units was $472,800, increasing by 28.7% compared to a year earlier.
The average price of homes sold in August 2021 was $597,828, increasing by 29.8% from August 2020.
The more comprehensive year-to-date average price was $608,124, an advance of 43% from the first eight months of 2020.
The dollar value of all home sales in August 2021 was $240.9 million, up by 21.9% from the same month in 2020. This was also a new record for the month of August.
The number of new listings saw a minor increase of 1% (five listings) from August 2020. There were 499 new residential listings in August 2021.
New listings were 9.1% above the five-year average and 8.6% above the 10-year average for the month of August.
Active residential listings numbered 439 units on the market at the end of August, a big decline of 35.7% from the end of August 2020. Active listings haven't been this low in the month of August in more than three decades.
Active listings were 45.5% below the five-year average and 67.8% below the 10-year average for the month of August.
Months of inventory numbered 1.1 at the end of August 2021, down from the 1.6 months recorded at the end of August 2020 and below the long-run average of 4.6 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 Quinte & District Association of REALTORS® Inc. (QDAR) is a not-for-profit Association that serves approximately 560 REALTORS® in the Belleville, Quinte West, Prince Edward, Madoc, Marmora, Stirling, Tweed, Brighton, Trent Hills, Colborne, and Deseronto areas as well as other adjacent communities. The Association provides a Multiple Listing Service® (MLS®) System, ongoing continuing professional education courses, and related services for its Members. QDAR’s Vision is to progressively build a better future for our REALTORS® and the communities they serve.
As Members of the Canadian Real Estate Association, QDAR Members may use the REALTOR® trademark, which identifies them as real estate professionals who adhere to a strict code of ethics.
For local market expertise, be sure to use the professional services of one of our REALTOR® members when buying or selling property.
For more information about QDAR, including additional statistics, please visit www.quinte-MLS.com.
QDAR cautions that average sale price information can be useful in establishing long term trends but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Those requiring specific information on property values should contact a local QDAR Member REALTOR®.
For more information,
please contact Lisa Comerford: