Woodstock-Ingersoll & District MLS® home sales post second highest single month total ever in May
The number of homes sold through the MLS® System of the Woodstock-Ingersoll & District Real Estate Board totaled 218 units in May 2021. This was more than double the levels from a year earlier, surging 107.6% from May 2020.
Home sales were 15.2% above the five-year average and 28.2% above the 10-year average for the month of May.
On a year-to-date basis, home sales totaled 811 units over the first five months of the year. This was up sharply by 49.6% from the same period in 2020.
"What a difference a year makes! Last year at this time our industry was just starting to explore ways to adapt and survive the initial province wide lockdowns. Trying to adopt new technologies and protocols in order to safely conduct business. Fast forward a year and our local real estate market is not only surviving, it is thriving," said Alison Porter, President of the Woodstock-Ingersoll & District Real Estate Board. "MLS® home sales in May jumped to the second highest level ever, surpassed only by the all-time record set back in May 2017. New listings grew for the fifth consecutive month, and although still hovering at very low levels, overall inventory appears to be slowly moving towards more sustainable levels. Active listings have more than doubled from where they were only a few short months ago to the highest level we have seen in 8 months. Strong demand continues to keep prices near record levels and the HPI composite benchmark price for our region extended its streak of year over year double-digit monthly percentage increases to 17 months in May."
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 $605,200 in May 2021, up sharply by 54.8% compared to May 2020.
The benchmark price for single-family homes was $627,000, a substantial increase of 55.7% on a year-over-year basis in May. By comparison, the benchmark price for townhouse/row units was $371,000, a jump of 46.3% compared to a year earlier.
The average price of homes sold in May 2021 was $651,403, a substantial increase of 31% from May 2020.
The more comprehensive year-to-date average price was $645,618, a jump of 41.3% from the first five months of 2020.
The dollar value of all home sales in May 2021 was $142 million, more than double the levels from a year earlier, rocketing up 171.9% from the same month in 2020. This was a new record for the month of May and was also the largest dollar value of homes sold for any month in history.
The number of new listings more than doubled the levels from a year earlier, surging 140.3% from May 2020. There were 286 new residential listings in May 2021.
New listings were 13.5% above the five-year average and 19.8% above the 10-year average for the month of May.
Active residential listings numbered 143 units on the market at the end of May, down sharply by 30.6% 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 47.4% below the five-year average and 68.5% 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 months recorded at the end of May 2020 and below the long-run average of 3 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.
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