Quinte & District Association of REALTORS® Inc.

Quinte & District MLS® market activity shatters multiple records in March

The number of homes sold through the MLS® System of the Quinte & District Association of REALTORS® Inc. totaled 589 units in March 2021. This was more than double the levels from a year earlier, rocketing up 147.5% from March 2020. This was a new sales record for the month of March and was also the highest level for any month in history.

On a year-to-date basis, home sales totaled a record 1,056 units over the first three months of the year. This was a significant increase of 67.9% from the same period in 2020.

"March was another record setting month for our association." said Don McColl, President of the Quinte & District Association of REALTORS® Inc. "MLS® home sales set a new monthly and a new all-time record in March. There was also a notable rise in new listings last month. Although active listings are still hovering only slightly above the lowest levels in history, overall inventory appears to be forming a bottom. Market conditions have eased only slightly as evidenced by the continued upward pressure on prices. Average price surpassed the 600K mark for the first time this past month, setting yet another all-time high for the 11th time in the last 12 months. After the last year of uncertainty and expectation defying market activity, we are entering this year’s hot spring market firing on all cylinders."

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 $443,300 in March 2021, an advance of 34.5% compared to March 2020.

The benchmark price for single-family homes was $443,400, up sharply by 34.4% on a year-over-year basis in March. By comparison, the benchmark price for townhouse/row units was $434,200, rising by 45.3% compared to a year earlier.

The average price of homes sold in March 2021 was a record $613,289, advancing 61.8% from March 2020.

The more comprehensive year-to-date average price was $597,430, increasing significantly by 57.3% from the first three months of 2020.

The dollar value of all home sales in March 2021 was $361.2 million, more than double the levels from a year earlier, jumping 300.4% from the same month in 2020. This was a new record for the month of March and was also the largest dollar value of homes sold for any month in history.

The number of new listings saw a substantial gain of 78% from March 2020. There were 760 new residential listings in March 2021. This was the largest number of new listings added in the month of March in more than a decade.

Active residential listings numbered 385 units on the market at the end of March, a sharp decrease of 49.3% from the end of March 2020. Active listings haven't been this low in the month of March in more than three decades.

Months of inventory numbered 0.7 at the end of March 2021, down from the 3.2 months recorded at the end of March 2020 and below the long-run average of 5 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.

number of homes sold through the MLS® System of the Quinte & District Association of REALTORS® Inc. totaled 289 units in February 2021. This was up sharply by 35% from February 2020.

On a year-to-date basis, home sales totaled 465 units over the first two months of the year. This was an increase of 18.9% from the same period in 2020.

"February was another strong month for sales in our region," said Don McColl, President of the Quinte & District Association of REALTORS® Inc. "We also saw a significant increase in the number of newly listed properties this past month, which helped shore up overall inventory for the first time since July. Having said that, the current imbalance in our local market continues to contribute to the upward pressure on prices driving price levels to a new all-time record for the fifth time in six months."

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 $443,300, advancing 34.5% in February 2021 compared to February 2020.

The benchmark price for single-family homes was $443,400, a gain of 34.4% on a year-over-year basis in February. By comparison, the benchmark price for townhouse/row units was $434,200, a sharp increase of 45.3% compared to a year earlier.

In February 2021 the average price of homes sold was a record $583,935, a substantial gain of 53.5% from February 2020.

The more comprehensive year-to-date average price was $580,599, rising 52.7% from the first two months of 2020.

The dollar value of all home sales in February 2021 was $168.8 million, more than double the levels from a year earlier, surging 107.2% from the same month in 2020. This was also a new record for the month of February.

The number of new listings was up by 19.8% from February 2020 to 388 new residential listings in February 2021. This was the largest number of new listings added in the month of February in five years.

There were 308 active residential listings on the market at the end of February. This was a substantial decline of 52.8% from the end of February 2020. Active listings haven't been this low in the month of February in more than three decades.

Months of inventory numbered 1.1 at the end of February 2021, down from the 3.1 months recorded at the end of February 2020 and below the long-run average of 6.3 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. serves approximately 545 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 operates the local Multiple Listing Service (MLS®) System and provides ongoing professional education courses for its members.

For local market expertise, be sure to use the professional services of one of our REALTOR® members when buying or selling property.

To view current listings from the Quinte & District Association of REALTORS® MLS® System, Membership Information and General Real Estate facts, visit our website at www.quinte-MLS.com.

MLS® is a co-operative marketing system used only by Canada's real estate Boards to ensure maximum exposure of properties listed for sale.


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For more information,
please contact Lisa Comerford:

613-969-7873
ExecOfficer@Quinte-MLS.com

President
Don McColl