Tillsonburg District Real Estate Board MLS® home sales rocket to new May record
The number of homes sold through the MLS® System of the Tillsonburg District Real Estate Board totaled 202 units in May 2021. This was up sharply by 87% from May 2020 and was also a new sales record for the month of May.
Home sales were 22.1% above the five-year average and 23.2% above the 10-year average for the month of May.
On a year-to-date basis, home sales totaled a record 871 units over the first five months of the year. This was a substantial increase of 69.5% from the same period in 2020.
"Home sales not only posted a new record for the month of May but also surpassed 200 for the first time ever in this month," said David Bennett, President of the Tillsonburg District Real Estate Board. "Overall supply levels appear to have hit rock bottom with little room left to fall. The supply shortage is so severe that there haven’t been more than 200 listings available on the market in any month since the end of last year. With fierce competition among buyers for such a small pool of listings it’s no surprise that price growth remains north of 40%."
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 $531,200 in May 2021, up sharply by 49.9% compared to May 2020.
The average price of homes sold in May 2021 was a record $658,527, a jump of 47.1% from May 2020.
The more comprehensive year-to-date average price was $619,669, a significant gain of 42.2% from the first five months of 2020.
The dollar value of all home sales in May 2021 was $133 million, more than double the levels from a year earlier, surging 175.1% from the same month in 2020. This was also a new record for the month of May.
The number of new listings was up sharply by 51.4% from May 2020. There were 274 new residential listings in May 2021. This was the largest number of new listings added in the month of May in more than five years.
New listings were 12.5% above the five-year average and 0.4% above the 10-year average for the month of May.
Active residential listings numbered 193 units on the market at the end of May, declining of 43.6% from the end of May 2020. Active listings haven't been this low in the month of May in more than three decades.
Active listings were 43.3% below the five-year average and 69.2% below the 10-year average for the month of May.
Months of inventory numbered 1 at the end of May 2021, down from the 3.2 months recorded at the end of May 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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