MLS® home sales in Woodstock-Ingersoll & District above average in August, post second best level for the month on record
The number of homes sold through the MLS® System of the Woodstock-Ingersoll & District Real Estate Board totaled 165 units in August 2021 decreasing 8.8% from August 2020.
Home sales were 7.3% above the five-year average and 15.9% above the 10-year average for the month of August.
On a year-to-date basis, home sales totaled 1,326 units over the first eight months of the year. This was a gain of 18.4% from the same period in 2020.
"MLS® home sales posted their second highest August in history last month," said Alison Porter, President of the Woodstock-Ingersoll & District Real Estate Board. "However, new listings struggled to keep up with the pace of sales, which took a bite out of overall inventory. Active listings at the end of August totaled less than 100 units for the first time since early spring. We find ourselves in the familiar situation of strong demand but a lack of supply. While in the past these conditions have led to upward pressure on prices, the MLS® HPI composite benchmark posted its fourth consecutive month over month decline in August and has now declined every month since reaching its all-time high in May of this year. We will be keeping a close eye on market conditions in our region for any further development of this and other 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 benchmark price was $578,900 in August 2021, a jump of 34.4% compared to August 2020.
The benchmark price for single-family homes was $594,900, a substantial gain of 33.5% on a year-over-year basis in August. By comparison, the benchmark price for townhouse/row units was $383,700, an advance of 43.4% compared to a year earlier.
The average price of homes sold in August 2021 was $653,013, up by 25.3% from August 2020.
The more comprehensive year-to-date average price was $646,868, a substantial increase of 33.9% from the first eight months of 2020.
The dollar value of all home sales in August 2021 was $107.7 million, a sizable gain of 14.2% from the same month in 2020. This was also a new record for the month of August.
The number of new listings saw a substantial decline of 23.9% from August 2020. There were 159 new residential listings in August 2021.
New listings were 8.7% below the five-year average and 10.2% below the 10-year average for the month of August.
Active residential listings numbered 93 units on the market at the end of August, a sharp decrease of 44.3% 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 63.3% below the five-year average and 77.6% below the 10-year average for the month of August.
Months of inventory numbered 0.6 at the end of August 2021, down from the 0.9 months recorded at the end of August 2020 and below the long-run average of 3.2 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 Woodstock-Ingersoll & District Real Estate Board operates the Multiple Listing Service® in the region. REALTOR® is a trademark, which identifies real estate professionals who are members of the Canadian Real Estate Association and, as such, subscribe to a high standard of professional service and to a strict Code of Ethics.
WOODSTOCK-INGERSOLL & DISTRICT REAL ESTATE BOARD
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