Simcoe & District MLS® home sales remain above average in August
The number of homes sold through the MLS® System of the Simcoe & District Real Estate Board totaled 130 units in August 2021. This decreased by 1.5% (two sales) from August 2020.
Home sales were 6% above the five-year average and 6.5% above the 10-year average for the month of August.
On a year-to-date basis, home sales totaled a record 975 units over the first eight months of the year. This was a gain of 20.2% from the same period in 2020.
"The number of MLS® listed homes sold in August was above what we would expect for this time of year," said Gail Bouw, President of the Simcoe & District Real Estate Board. "On the other hand, new listings were slightly below what would be expected for a typical August. Steady demand and relatively low supply over the summer months have contributed to continued tight market conditions in our region, keeping market balance firmly in favour of sellers. As a result, both average price and the MLS® HPI benchmark price continued to climb in August."
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 $562,600 in August 2021, up sharply by 30.2% compared to August 2020.
The benchmark price for single-family homes was $563,300, advanced 30.2% on a year-over-year basis in August. By comparison, the benchmark price for townhouse/row units was $525,000, significant increase of 32.9% compared to a year earlier.
The average price of homes sold in August 2021 was $621,511, up by 21.3% from August 2020.
The more comprehensive year-to-date average price was $619,413, rising 29.4% from the first eight months of 2020.
The dollar value of all home sales in August 2021 was $80.8 million, a sizable gain of 19.4% from the same month in 2020. This was also a new record for the month of August.
The number of new listings declined 16.5% from August 2020. There were 152 new residential listings in August 2021.
New listings were 2.2% below the five-year average and 4.5% below the 10-year average for the month of August.
Active residential listings numbered 144 units on the market at the end of August, a notable decrease of 28.7% 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 40.3% below the five-year average and 64.7% 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 1.5 months recorded at the end of August 2020 and below the long-run average of 3.5 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.
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
For more information,
Phone: (519) 426-4454
Fax: (519) 426-9330