Tillsonburg District MLS® home sales remain strong in August
The number of homes sold through the MLS® System of the Tillsonburg District Real Estate Board totaled 174 units in August 2021. This was a moderate decrease of 4.9% (nine sales) from August 2020.
Home sales were 5.7% above the five-year average and 7.9% above the 10-year average for the month of August.
On a year-to-date basis, home sales totaled a record 1,413 units over the first eight months of the year. This increased by 26.4% from the same period in 2020.
"August 2021 was a continuation of what we have observed over the last few months," said David Bennett, President of the Tillsonburg District Real Estate Board. "MLS® home sales remained above average while new listings dwindled, reducing overall inventory. Although easing somewhat in the last few months the current conditions continue to put market balance firmly in favour of sellers. As with many other jurisdictions in Ontario, we have seen an incredible increase in the value of properties in our region over the last 16 months. As long as the twin factors of strong demand and below-average supply persist we expect that prices will remain elevated. We are monitoring our local market closely for any definitive emerging trends.”
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/single-family benchmark price was $541,300 in August 2021, up sharply by 41% compared to August 2020.
The average price of homes sold in August 2021 was $621,777, a gain of 23.9% from August 2020.
The more comprehensive year-to-date average price was $622,261, rising significantly by 33.6% from the first eight months of 2020.
The dollar value of all home sales in August 2021 was $108.2 million, an increase of 17.8% from the same month in 2020. This was also a new record for the month of August.
The number of new listings saw a big reduction of 11.9% from August 2020. There were 208 new residential listings in August 2021.
New listings were 1.4% above the five-year average and 2.3% below the 10-year average for the month of August.
Active residential listings numbered 194 units on the market at the end of August, a large reduction of 34% 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 44.3% below the five-year average and 67.1% 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 1.6 months recorded at the end of August 2020 and below the long-run average of 3.9 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 Tillsonburg District Real Estate Board members provide professional real estate services to buyers and sellers of all types of property. Its members are part of the Ontario Real Estate Association and the Canadian Real Estate Association, and as such subscribe to a high standard of professional service and a strict Code of Ethics. Tillsonburg District Real Estate Board listings can be found on www.realtor.ca.
TILLSONBURG DISTRICT REAL ESTATE BOARD
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