Simcoe & District Real Estate Board

Simcoe & District Real Estate Board MLS® home sales moderate to average October levels

The number of homes sold through the MLS® System of the Simcoe & District Real Estate Board totaled 101 units in October 2021. This was a sharp decrease of 28.4% from the record October in 2020.

Home sales were 3.6% below the five-year average and 1.8% below the 10-year average for the month of October.

On a year-to-date basis, home sales totaled a record 1,198 units over the first 10 months of the year. This was up by 4.9% from the same period in 2020.

"Home sales may have cooled from last year’s incredibly high record but still managed to come in at average levels for this time of year," said Gail Bouw, President of the Simcoe & District Real Estate Board. "This is still very supportive for our local housing market, which remains historically tight with respect to the balance of supply and demand. Overall inventories have risen from the depths of earlier this year but not by much, and this lack of supply in the face of continued strong demand is pushing up benchmark prices year-over-year in the 30% range."

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 $568,500 in October 2021, a substantial increase of 30.9% compared to October 2020.

The benchmark price for single-family homes was $569,100, a jump of 30.9% on a year-over-year basis in October. By comparison, the benchmark price for townhouse/row units was $543,000, a substantial gain of 30.8% compared to a year earlier.

The average price of homes sold in October 2021 was $644,607, an increase of 26.1% from October 2020.

The more comprehensive year-to-date average price was $619,975, a sizable gain of 27.2% from the first 10 months of 2020.

The dollar value of all home sales in October 2021 was $65.1 million, falling by 9.7% from the same month in 2020.

The number of new listings saw a modest decline of 2.2% (three listings) from October 2020. There were 135 new residential listings in October 2021.

New listings were 3.2% above the five-year average and 2.1% below the 10-year average for the month of October.

Active residential listings numbered 133 units on the market at the end of October, down sharply by 16.9% from the end of October 2020. Active listings haven't been this low in the month of October in more than three decades.

Active listings were 40.4% below the five-year average and 63.2% below the 10-year average for the month of October.

Months of inventory numbered 1.3 at the end of October 2021, up from the 1.1 months recorded at the end of October 2020 and below the long-run average of 3.6 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.


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SIMCOE & DISTRICT REAL ESTATE BOARD

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For more information, please contact:__
Phone: (519) 426-4454
Fax: (519) 426-9330
executiveofficer@sdreb.com

President
Gail Bouw