Second strongest May on record for home sales

 In News

Market conditions remain historically tight and prices continue their ascent to new highs, according to Mather Lidbetter, President of the Southern Georgian Bay Association of Realtors (SGBAR).
A total of 573 residential sales were recorded in the region through the MLS system in the month of May. That was up nearly 81 per cent from May 2020, and the highest level for the month in five years.
In the western portion of the region, which includes Clearview, Wasaga Beach, Collingwood, Meaford, The Blue Mountains and Grey Highlands the increase was even more pronounced. There were 286 sales in May, 2021 up more than 97 per cent from last May.
Lidbitter says the number of new listings is up sharply by 36.6 per cent from last May, but given continued strong demand this has only managed to stop inventories from declining further. They have now more or less stabilized at record lows.
“Months of Inventory” which is a measure of the number of months it would take to sell all available inventory at current sales levels sits at 1.1 months compared to the long-run average of 4.8 months.
The average sale price of a home in the SGBAR Western Region for May was $881,464, up 48.9 per cent from one year ago.
Data from the Canadian Real Estate Association (CREA) shows prices have increased between 30 and 50 per cent in all but three Ontario markets in the past year. The three markets with the lowest grown happen to the most expensive in the province. Oakville, where the average home price is $1,342,300, Mississauga at $1,077,700 and Toronto at $1,025,200 saw average price growth of 17.8 per cent.
In April, the last month for which national stats are available, the number of homes sold across the country was down 12.5 per cent from March, 2021 which was the best month on record. Sales this April were still two and a half times the same month last year, which was the worst month on record. On a national basis, the average sale price was up 41.9 per cent year over year.

Recent Posts

Leave a Comment

0