MLS Home Sales in Guelph post highest May on Record
Guelph and District Association of REALTORS® MLS® home sales post highest May on record as supply continues to dwindle.
The number of homes sold through the MLS® System of the Guelph and District Association of REALTORS® totaled 590 units in May 2021. This was a remarkable gain of 90.9% from May 2020 and was a new sales record for the month of May.
Home sales were 19.2% above the five-year average and 15.4% above the 10-year average for the month of May.
On a year-to-date basis, home sales totaled a record 2,640 units over the first five months of the year. This was a substantial increase of 77.2% from the same period in 2020.
“Sales activity posted not only the best May in history but also the second best level of any month on record, surpassed only by the astronomical record set just two months prior in March of this year,” said Sabrina Essery, President of the Guelph and District Association of REALTORS®. “New listings just can’t seem to keep up with demand no matter the strength of their rebound, with overall inventories still in decline. As potential buyers continue to compete for an ever-shrinking pool of available listings we continue to see prices driven higher, with price growth now firmly north of 30% compared to one year ago.”
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 $784,300 in May 2021, a jump of 32.5% compared to May 2020.
The benchmark price for single-family homes was $817,600, a significant gain of 34% on a year-over-year basis in May. By comparison, the benchmark price for townhouse/row units was $573,400, an advance of 32% compared to a year earlier, while the benchmark apartment price was $463,000, up by 20.5% from year-ago levels.
The average price of homes sold in May 2021 was a record $921,827, up sharply by 38.4% from May 2020.
The more comprehensive year-to-date average price was $870,006, an increase of 32.3% from the first five months of 2020.
The dollar value of all home sales in May 2021 was $543.9 million, more than double the levels from a year earlier, leaping 164.3% from the same month in 2020. This was also a new record for the month of May.
The number of new listings climbed 72.9% from May 2020. There were 740 new residential listings in May 2021.
