HURON-PERTH – The number of homes sold through the MLS System of the Huron Perth Association of REALTORS totalled 247 units in May 2021. This was a jump of 72.7 per cent from May 2020. This was also a new sales record for May.
Home sales were 16.6 per cent above the five-year average and 17.1 per cent above the 10-year average for May.
On a year-to-date basis, home sales totalled a record 968 units over the first five months of the year. This was a substantial gain of 55.1 per cent from the same period in 2020.
“Sales activity continued at a very strong pace in May, setting a new record for the month,” said Kathy Dawson, president of the Huron Perth Association of REALTORS.
“New listings have only returned to average levels, not nearly enough to offset the red-hot pace of demand. As a result, available inventory continues trending at record lows and fierce competition among buyers is driving prices to new record highs.”
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 $524,900 in May 2021, up sharply by 41.8 per cent compared to May 2020.
The benchmark price for single-family homes was $525,600, a substantial increase of 42.1 per cent on a year-over-year basis in May. By comparison, the benchmark apartment price was $496,900, increasing by 18.3 per cent from year-ago levels.
The average price of homes sold in May 2021 was a record $616,215, an advance of 39.4 per cent from May 2020.
The more comprehensive year-to-date average price was $569,750, up sharply by 37.7 per cent from the first five months of 2020. The dollar value of all home sales in May 2021 was $152.2 million, more than double the levels from a year earlier, jumping 140.7 per cent from the same month in 2020. This was a new record for May and was also the largest dollar value of homes sold for any month in history.
The number of new listings saw a jump of 59.7 per cent from May 2020. There were 297 new residential listings in May 2021.
New listings were 2.9 per cent above the five-year average and 8.5 per cent below the 10-year average for May.
Active residential listings numbered 188 units on the market at the end of May, a substantial reduction of 46.9 per cent from the end of May 2020. Active listings haven’t been this low in May in more than three decades.
Active listings were 55 per cent below the five-year average and 76.3 per cent below the 10-year average for May.
Months of inventory numbered 0.8 at the end of May 2021, down from the 2.5 months recorded at the end of May 2020 and below the long-run average of 3.8 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.
The Huron Perth Association of REALTORS represents approximately 255 REALTORS registered with its member offices. The geographical area served by the board is in southwestern Ontario, bordered by Lake Huron and Stratford’s Festival Theatre, and includes Huron and Perth counties.