Home sales continue to post strong results while prices soar

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February was another strong month for home sales in the Tillsonburg district.

The number of homes sold through the MLS System of the Tillsonburg District Real Estate Board totalled 129 units in February. This was a gain of 25.2 per cent from February 2020.

On a year-to-date basis, home sales totalled a record 243 units over the first two months of the year. This was up by 27.2 per cent from the same period in 2020.

“February was another strong month for sales in our region, falling just short of setting a new monthly record,” said David Bennett, president of the Tillsonburg District Real Estate Board in a media release.

“We saw a marginal uptick in new listings this past month when compared to December and January. However, they are still barely keeping pace with the number of sales. As a result, overall inventory has fallen below 100 homes, contributing to a further tightening of market conditions. With demand as strong as it has ever been and listings at record low levels it is no surprise that average price jumped to a new all-time high crossing the $600,000 mark for the first time.”

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The MLS Home Price Index (HPI) tracks price trends more accurately than is possible using average or median price measures. The overall MLS HPI composite/single-family benchmark price was $475,400, a significant increase of 39.7 per cent in February 2021 compared to February 2020.

In February 2021, the average price of homes sold was a record $612,400, advancing 45.6 per cent from February 2020.

The more comprehensive year-to-date average price was $596,675, a big gain of 42.5 per cent from the first two months of 2020.

The dollar value of all home sales in February 2021 was $79 million, climbing 82.4 per cent from the same month in 2020. This was also a new record for the month of February.

The number of new listings saw a sharp decrease of 19.3 per cent from February 2020. In February 2021 there were 134 new residential listings.

There were 94 active residential listings on the market at the end of February. This was a substantial drop of 71.2 per cent from the end of February 2020. Active listings haven’t been this low in the month of February in more than three decades.

Months of inventory numbered 0.7 at the end of February 2021, down from the 3.2 months recorded at the end of February 2020 and below the long-run average of 5.3 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.

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