Renfrew County Real Estate Board MLS® home sales rise compared to last year’s May lows despite extreme supply shortage
The number of homes sold through the MLS® System of the Renfrew County Real Estate Board totaled 262 units in May 2021. This was a sizable gain of 12% from May 2020.
Home sales were 5.1% above the five-year average and 13.7% above the 10-year average for the month of May.
On a year-to-date basis, home sales totaled a record 1,149 units over the first five months of the year. This was a substantial gain of 74.1% from the same period in 2020.
The average price of homes sold in May 2021 was $389,580, an advance of 34.5% from May 2020.
The more comprehensive year-to-date average price was $390,450, up sharply by 36.5% from the first five months of 2020.
The dollar value of all home sales in May 2021 was $102.1 million, a substantial increase of 50.6% from the same month in 2020. This was also a new record for the month of May.
The number of new listings saw a sizable gain of 16.2% from May 2020. There were 323 new residential listings in May 2021.
New listings were 2.5% below the five-year average and 14% below the 10-year average for the month of May.
Active residential listings numbered 281 units on the market at the end of May, a substantial reduction of 44.4% from the end of May 2020. Active listings haven't been this low in the month of May in more than 15 years.
Active listings were 63% below the five-year average and 72.7% below the 10-year average for the month of May.
Months of inventory numbered 1.1 at the end of May 2021, down from the 2.2 months recorded at the end of May 2020 and below the long-run average of 4.7 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
Our mission is to provide leadership and support to the members of the Renfrew County Real Estate Board in their pursuit of professional excellence.
The Renfrew County Real Estate Board (RCREB) was formed in 1975 and is a trade association with approximately 150 registered Brokers and Salesperson members in Renfrew County. Members of the Board are also members of the Canadian Real Estate Association (CREA) and the Ontario Real Estate Association (OREA) and as such are entitled to use the REALTOR® trademark.
RENFREW COUNTY REAL ESTATE BOARD
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197 Pembroke St. East
Pembroke, ON K8A 3J6