The number of homes sold through the MLS System of the Tillsonburg District Real Estate Board totalled 202 units in May 2021.
This was up sharply by 87 per cent from May 2020 and was also a new sales record for the month of May.
Home sales were 22.1 per cent above the five-year average and 23.2 per cent above the 10-year average for the month of May.
On a year-to-date basis, home sales totalled a record 871 units over the first five months of the year. This was a substantial increase of 69.5 per cent from the same period in 2020.
“Home sales not only posted a new record for the month of May but also surpassed 200 for the first time ever in this month,” said David Bennett, president of the Tillsonburg District Real Estate Board.
“Overall supply levels appear to have hit rock bottom with little room left to fall. The supply shortage is so severe that there haven’t been more than 200 listings available on the market in any month since the end of last year. With fierce competition among buyers for such a small pool of listings it’s no surprise that price growth remains north of 40 per cent.”
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 $531,200 in May 2021, up sharply by 49.9% compared to May 2020.
The average price of homes sold in May 2021 was a record $658,527, a jump of 47.1 per cent from May 2020.
The more comprehensive year-to-date average price was $619,669, a significant gain of 42.2 per cent from the first five months of 2020.
The dollar value of all home sales in May 2021 was $133 million, more than double the levels from a year earlier, surging 175.1 per cent from the same month in 2020. This was also a new record for the month of May.
The number of new listings was up sharply by 51.4 per cent from May 2020. There were 274 new residential listings in May 2021. This was the largest number of new listings added in the month of May in more than five years.
New listings were 12.5 per cent above the five-year average and 0.4 per cent above the 10-year average for the month of May.
Active residential listings numbered 193 units on the market at the end of May, declining of 43.6 per cent 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 43.3 per cent below the five-year average and 69.2 per cent below the 10-year average for the month of May.