The number of homes sold through the MLS® System of the Peterborough and the Kawarthas Association of REALTORS® Inc. totaled 364 units in May 2021. This was more than double the levels from a year earlier, surging 136.4% from May 2020. This was also a new sales record for the month of May and was the highest level for any month in history.
Home sales were 33% above the five-year average and 28% above the 10-year average for the month of May.
On a year-to-date basis, home sales totaled a record 1,297 units over the first five months of the year. This was up sharply by 96.5% from the same period in 2020.
“Home sales really haven’t shown any signs of slowing down as we reached the highest level of any month on record this May,” said Jon Maxwell, President of the Peterborough and the Kawarthas Association of REALTORS® Inc. “There hasn’t been the same resurgence on the supply side, with the current pace of new listings barely keeping overall inventories from declining further. Given the unprecedented strength in demand and record low supply, we’re likely to continue seeing very strong double-digit price growth for the near future.”
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 $614,400 in May 2021, a jump of 35.9% compared to May 2020.
The average price of homes sold in May 2021 was $715,815, a substantial increase of 31.2% from May 2020.
The more comprehensive year-to-date average price was $698,816, a jump of 39.6% from the first five months of 2020.
The dollar value of all home sales in May 2021 was $260.6 million, more than double the levels from a year earlier, rocketing up 210.2% 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 saw an advance of 64.1% from May 2020. There were 425 new residential listings in May 2021.
New listings were 1.4% above the five-year average and 8.6% below the 10-year average for the month of May.
Active residential listings numbered 262 units on the market at the end of May, down sharply by 41.5% 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 44.3% below the five-year average and 67.3% 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 2.9 months recorded at the end of May 2020 and below the long-run average of 2.9 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.
CREDITS TO: CREA