Timmins, Cochrane & Timiskaming Districts Association of REALTORS® MLS® home sales slow as listings dry up in July
The number of homes sold through the MLS® System of the Timmins, Cochrane & Timiskaming Districts Association of REALTORS® totaled 163 units in July 2021. This was a decrease of 17.7% from July 2020 but was still the second highest level of sales on record for the month.
Home sales were 8.2% above the five-year average and 20.6% above the 10-year average for the month of July.
On a year-to-date basis, home sales totaled a record 1,190 units over the first seven months of the year. This was up sharply by 52.2% from the same period in 2020.
The average price of homes sold in July 2021 was $226,701, an increase of 2.9% from July 2020.
The more comprehensive year-to-date average price was $217,529, a sizable gain of 17.2% from the first seven months of 2020.
The dollar value of all home sales in July 2021 was $37 million, a substantial decline of 15.3% from the same month in 2020.
The number of new listings saw a sharp decrease of 22.7% from July 2020. There were 187 new residential listings in July 2021. This was the lowest number of new listings added in the month of July in more than a decade.
New listings were 24.3% below the five-year average and 28.7% below the 10-year average for the month of July.
Active residential listings numbered 333 units on the market at the end of July, down sharply by 47.8% from the end of July 2020. Active listings haven't been this low in the month of July in more than three decades.
Active listings were 59.5% below the five-year average and 63.7% below the 10-year average for the month of July.
Months of inventory numbered 2 at the end of July 2021, down from the 3.2 months recorded at the end of July 2020 and below the long-run average of 7.2 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 Timmins, Cochrane & Timiskaming Districts Association of REALTORS® is an Association of 120 REALTORS® that provides services to and sets standards for members and offers professional support and a local Multiple Listing Service®. The Association’s region covers the most northerly Ontario border to the north boundary of Temagami in the south. West to east the Board’s boundary goes from the Pagwa River to the Quebec border. The Association area includes such towns and cities as Hearst, Kapuskasing, Smooth Rock Falls, Cochrane, Iroquois Falls, Matheson, Timmins, Kirkland Lake, Englehart, Earlton, New Liskeard, Haileybury and Cobalt. Listings can also be viewed on the national www.REALTOR.ca web site (residential, commercial and investment properties).
THE TIMMINS, COCHRANE & TIMISKAMING DISTRICTS ASSOCIATION OF REALTORS®
For more information,
Anne Marie Vaillancourt