May 2021 was yet another remarkable month for home sales activity in LSTAR's jurisdiction: the Association recorded 1,258 residential transactions via its MLS® systems - up 87.5% from May 2020, when the local real estate market was experiencing a pandemic-induced decline.
"This number marks the second best May for LSTAR home sales, surpassed only by May 2017, when LSTAR REALTORS® sold 1,433 homes," said LSTAR 2021 President Jack Lane. "However, year-to-date sales are at an all-time high. At the end of May, there have been 5,175 sales, up 64.3% over the same period last year."
The overall inventory figure, which shows how long it would take to liquidate the existing housing supply in our area at the current rate of sales activity, remained at 0.6 months - its lowest level in the last decade.
"Combined with the high demand, the lack of housing supply is pushing the Sales to New Listings ratio up, creating a Sellers' Market with multiple offers for many listings and numerous properties sold over the asking price," Lane added. "Nonetheless, it's essential for consumers to understand that each home is unique and its sale price can vary based on its location, type, and features," he emphasized.
The single-family home remains on top of the local buyers'
preferences, with 937 sales in May.
Despite all the increases seen in the HPI benchmark prices and average sales prices, homes in LSTAR's jurisdiction appear to be relatively affordable when compared to houses from some other major Ontario and Canadian centres. The following chart is based on data taken from the CREA National Price Map for April 2021.