Sarnia-Lambton Real Estate Board MLS® home sales reach second best May in history
The number of homes sold through the MLS® System of the Sarnia-Lambton Real Estate Board totaled 222 units in May 2021. This was up sharply by 88.1% from May 2020.
Home sales were 20.3% above the five-year average and 23.6% above the 10-year average for the month of May.
On a year-to-date basis, home sales totaled 848 units over the first five months of the year. This was a substantial increase of 52.8% from the same period in 2020.
"Residential sales activity came in just four units shy of the May record from 2017 and also posted one of the best levels of any month in history," said Rob Longo, President of the Sarnia-Lambton Real Estate Board. "New listings have rebounded from their abyss last year but are nowhere near the unprecedented levels that sales are currently trending at. As a result, overall supply levels are still trending at record lows and competition for this reduced pool of listings continues to drive prices to record or near-record levels."
The average price of homes sold in May 2021 was $479,890, advancing 35.9% from May 2020.
The more comprehensive year-to-date average price was $487,223, a significant gain of 38.2% from the first five months of 2020.
The dollar value of all home sales in May 2021 was $106.5 million, more than double the levels from a year earlier, surging 155.7% from the same month in 2020. This was a new record for the month of May and was also the largest dollar value of homes sold for any month in history.
The number of new listings climbing 54.7% from May 2020. There were 249 new residential listings in May 2021.
New listings were 12% above the five-year average and 0.5% below the 10-year average for the month of May.
Active residential listings numbered 135 units on the market at the end of May, a substantial decline of 36.9% from the end of May 2020. Active listings haven't been this low in the month of May in more than three decades.
Active listings were 40.7% below the five-year average and 67.2% below the 10-year average for the month of May.
Months of inventory numbered 0.6 at the end of May 2021, down from the 1.8 months recorded at the end of May 2020 and below the long-run average of 2.4 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 Sarnia-Lambton Real Estate Board, established in 1944, is a non-profit organization. The County of Lambton, of which Sarnia is the principal city, is bounded on the North and West by the crystal blue waters of Lake Huron and the St. Clair River. The REALTOR® and MLS® trademarks are owned or controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA (REALTOR®) and/or the quality of services they provide (MLS®).
SARNIA-LAMBTON REAL ESTATE BOARD