Simcoe & District MLS® home sales moderate but remain solid in April
The number of homes sold through the MLS® System of the Simcoe & District Real Estate Board totaled 111 units in April 2022. This was a sharp decrease of 22.9% from April 2021.
Home sales were 4.1% above the five-year average and 0.8% below the 10-year average for the month of April.
On a year-to-date basis, home sales totaled 425 units over the first four months of the year. This was nearly unchanged, up only 0.7% (three sales) from the same period in 2021.
“Sales activity was down from last year’s astronomical April record but still managed to post an average showing for this time of year,” said Melissa Mummery, President of the Simcoe & District Real Estate Board. “The influx of new listings returning to the market is a welcome sight as it has helped to lift inventories further away from the rock-bottom levels they were sitting at for all of 2021. If the moderation in sales activity is a response to the first of several interest rate increases anticipated this year, we will likely see a rebalancing of the market away from seller’s territory towards a more balanced position where potential buyers have more available listings to choose from.”
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 $659,000 in April 2022, an increase of 22.6% compared to April 2021.
The benchmark price for single-family homes was $659,200, a sizable gain of 22.5% on a year-over-year basis in April. By comparison, the benchmark price for townhouse/row units was $682,100, a substantial gain of 32.4% compared to a year earlier.
The average price of homes sold in April 2022 was $715,820, an increase of 8.5% from April 2021.
The more comprehensive year-to-date average price was $746,625, a sizable gain of 21.9% from the first four months of 2021.
The dollar value of all home sales in April 2022 was $79.5 million, a substantial decline of 16.4% from the same month in 2021.
The number of new listings saw a modest decline of 3% (six listings) from April 2021. There were 194 new residential listings in April 2022.
New listings were 21.9% above the five-year average and 9.8% above the 10-year average for the month of April.
Active residential listings numbered 147 units on the market at the end of April, up by 27.8% from the end of April 2021.
Active listings were 27.5% below the five-year average and 57.6% below the 10-year average for the month of April.
Months of inventory numbered 1.3 at the end of April 2022, up from the 0.8 months recorded at the end of April 2021 and below the long-run average of 3.3 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 Simcoe & District Real Estate Board was established in 1959 and covers a very diverse and extensive region. Simcoe and District Real Estate Board members are highly trained and knowledgeable about our unique area and all there is to offer.
SIMCOE & DISTRICT REAL ESTATE BOARD
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Phone: (519) 426-4454
Fax: (519) 426-9330