Windsor-Essex County Association of REALTORS® MLS® home sales reach second best May on record
The number of homes sold through the MLS® System of the Windsor-Essex County Association of REALTORS® totaled 778 units in May 2021. This was a substantial gain of 76.8% from May 2020.
Home sales were 7.9% above the five-year average and 15% above the 10-year average for the month of May.
On a year-to-date basis, home sales totaled a record 3,333 units over the first five months of the year. This was a significant increase of 61.3% from the same period in 2020.
"Home sales may have cooled slightly from the white-hot pace earlier this year and late last year, but remain historically strong," said Damon Winney, President of the Windsor-Essex County Association of REALTORS®. "New listings have rebounded significantly but still not nearly at the same rate as sales, which hasn’t done much to lift overall supply levels from record lows. Without a substantial boost in new supply coming onto the market it’s likely that we will continue to see significant price growth in the near future as potential buyers compete for a very small pool of available listings."
The average price of homes sold in May 2021 was $551,915, up sharply by 44.1% from May 2020.
The more comprehensive year-to-date average price was $524,167, a substantial increase of 42.8% from the first five months of 2020.
The dollar value of all home sales in May 2021 was $429.4 million, more than double the levels from a year earlier, leaping 154.7% from the same month in 2020. This was also a new record for the month of May.
The number of new listings saw a substantial gain of 51% from May 2020. There were 1,111 new residential listings in May 2021. This was the largest number of new listings added in the month of May in five years.
New listings were 10.5% above the five-year average and 8.9% above the 10-year average for the month of May.
Active residential listings numbered 582 units on the market at the end of May, a sharp decrease of 42.8% 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 41.7% below the five-year average and 67.4% below the 10-year average for the month of May.
Months of inventory numbered 0.7 at the end of May 2021, down from the 2.3 months recorded at the end of May 2020 and below the long-run average of 2.8 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 Windsor-Essex County Association of REALTORS® (WECAR) is recognized as the voice and source for real estate by providing education and essential services to maximize professionalism and business opportunities of our Members so they are able to make a valid contribution to our Communities. WECAR is the oldest Real Estate Association/Board in Ontario and the second oldest in Canada, celebrating our 100th Anniversary in 2018 and represents over 1000 members and 90 firms.
WINDSOR-ESSEX COUNTY ASSOCIATION OF REALTORS®
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