Tillsonburg District Real Estate Board

MLS® home sales in Tillsonburg break March monthly record

The number of homes sold through the MLS® System of the Tillsonburg District Real Estate Board totaled 212 units in March 2021. This was an advance of 71% from March 2020. This was also a new sales record for the month of March and was the third highest monthly total in history.

On a year-to-date basis, home sales totaled a record 456 units over the first three months of the year. This was up sharply by 44.8% from the same period in 2020.

"Resale home sales set yet another monthly record in March." said David Bennett, President of the Tillsonburg District Real Estate Board. "There was a notable increase in the number of new listings this past month, which helped push overall inventory back above 100 units. Although market conditions have eased marginally, active listings are still hovering only slightly above the lowest levels in history. Combine this factor with the current strong demand and you have recipe for a hot spring market that is likely to continue to put upward pressure on prices."

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 $496,000 in March 2021, a substantial gain of 41.8% compared to March 2020.

The average price of homes sold in March 2021 was $602,069, increasing by 35.7% from March 2020.

The more comprehensive year-to-date average price was $597,610, rising 39.5% from the first three months of 2020.

The dollar value of all home sales in March 2021 was $127.6 million, more than double the levels from a year earlier, rocketing up 132% from the same month in 2020. This was also a new record for the month of March.

The number of new listings saw an advance of 32% from March 2020. There were 264 new residential listings in March 2021. This was the largest number of new listings added in the month of March in more than five years.

Active residential listings numbered 124 units on the market at the end of March, down sharply by 65.3% from the end of March 2020. Active listings haven't been this low in the month of March in more than three decades.

Months of inventory numbered 0.6 at the end of March 2021, down from the 2.9 months recorded at the end of March 2020 and below the long-run average of 4.5 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 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.


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TILLSONBURG DISTRICT REAL ESTATE BOARD

For more information, please contact:
(519) 842-9361
tburgreb@bellnet.ca

President
David Bennett