The number of homes sold through the MLS® System of the Peterborough and the Kawarthas Association of REALTORS® Inc. totaled 335 units in April 2021. This was more than double the levels from a year earlier, rocketing up 318.8% from April 2020. Residential sales haven’t hit this level in the month of April in five years.
Home sales were 54.8% above the five-year average and 38% above the 10-year average for the month of April.
On a year-to-date basis, home sales totaled a record 932 units over the first four months of the year. This was a significant increase of 87.9% from the same period in 2020.
“Home sales rose to more than three times their level at the same time last year, highlighting the chasm between last April’s market bottom and the current near-record highs in activity,” said Jon Maxwell, President of the Peterborough and the Kawarthas Association of REALTORS® Inc. “There’s been a welcome surge in new listings coming onto the market over the past two months, bringing some much-needed supply to an undersupplied market relative to the ongoing strength in demand. Overall inventories have bottomed out and have stopped falling for the time being, although competition for an already low supply of available listings continues to drive very strong price growth.”
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 $592,300 in April 2021, a jump of 33.4% compared to April 2020.
The average price of homes sold in April 2021 was $681,995, up sharply by 31.8% from April 2020.
The more comprehensive year-to-date average price was $691,974, a substantial increase of 42.1% from the first four months of 2020.
The dollar value of all home sales in April 2021 was $228.5 million, more than double the levels from a year earlier, leaping 451.9% from the same month in 2020. This was also a new record for the month of April.
The number of new listings more than doubled the levels from a year earlier, rocketing up 229.3% from the lows in April 2020. There were 461 new residential listings in April 2021. This was the largest number of new listings added in the month of April in more than five years.
New listings were 43.8% above the five-year average and 20.2% above the 10-year average for the month of April.
Active residential listings numbered 264 units on the market at the end of April, a sharp decrease of 36.5% from the end of April 2020. Active listings haven’t been this low in the month of April in more than three decades.
Active listings were 32.6% below the five-year average and 62.7% below the 10-year average for the month of April.
Months of inventory numbered 0.8 at the end of April 2021, down from the 5.2 months recorded at the end of April 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
There are 600+ real estate professionals in the Peterborough and the Kawarthas Association of REALTORS® Inc. Members adhere to a strict code of ethics and the highest professional standards of the real estate industry. Peterborough and The Kawarthas Association of REALTORS® Inc. covers all of Peterborough County including members in the city of Peterborough and the communities of Ennismore, Bridgenorth, Lakefield, Millbrook, Norwood, Apsley, Bancroft as well as other adjacent rural communities.
Credits to: CREA