The number of homes sold through the MLS® System of the Huron Perth Association of REALTORS® jumped 72.7% over May of 2020, and set a new sales record for the month of May.
247 units were sold last month, which equals a record 968 home sales over the first five months of the year. Home sales were 16.6% above the five-year average and 17.1% above the 10-year average for the month of May.
"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 benchmark price for single-family homes was $525,600, a substantial increase of 42.1% on a year-over-year basis in May. The average price of homes sold in May 2021 was a record $616,215, an advance of 39.4% from May 2020.The more comprehensive year-to-date average price was $569,750, up sharply by 37.7% from the first five months of 2020.
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% compared to May 2020.
The benchmark apartment price was $496,900, increasing by 18.3% from year-ago levels.
