Simcoe & District Real Estate Board MLS® home sales remain strong as average price soars
The number of homes sold through the MLS® System of the Simcoe & District Real Estate Board totaled 79 units in February 2021. This was a gain of 23.4% (15 sales) from February 2020.
On a year-to-date basis, home sales totaled 149 units over the first two months of the year. This was up sharply by 31.9% from the same period in 2020.
"Sales continued to outperform historical averages in February," said Gail Bouw, President of the Simcoe & District Real Estate Board. "We also saw an uptick in new listings last month. However, new listings are still struggling to keep pace with the number of sales, further depleting an already meager number of active listings. With overall inventory on the market now consistently below 100 homes and demand showing no signs of easing, our market is venturing into unknown territory. The continued imbalance in our region is contributing to unprecedented pressure on prices which has driven price levels to a new all-time high, surpassing $600k for the first time in history."
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 $490,800, a gain of 33.1% in February 2021 compared to February 2020.
The benchmark price for single-family homes was $489,900, increasing 33% on a year-over-year basis in February. By comparison, the benchmark price for townhouse/row units was $567,900, advancing 47.2% compared to a year earlier.
In February 2021 the average price of homes sold was a record $622,906, improving by 49.5% from February 2020.
The more comprehensive year-to-date average price was $588,690, rising 36.2% from the first two months of 2020.
The dollar value of all home sales in February 2021 was $49.2 million, jumping 84.5% from the same month in 2020. This was also a new record for the month of February.
The number of new listings saw a sharp decrease of 23.4% from February 2020. In February 2021 there were 85 new residential listings.
There were 66 active residential listings on the market at the end of February. This was down sharply by 66.7% from the end of February 2020. Active listings haven't been this low in the month of February in more than three decades.
Months of inventory numbered 0.8 at the end of February 2021, down from the 3.1 months recorded at the end of February 2020 and below the long-run average of 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