Average home price up more than $100,000 so far this year

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2021 continues to set new records for home sales in Renfrew County.

The Renfrew County Real Estate Board has issued its latest update for the month of May.

According to the board’s latest figures, the average price for a county home sold so far this year is $390,450 – up 36.5%, or more than $104,000, for the same period in 2020.

For the month of May alone, the average price of homes sold was $389,580, an advance of 34.5% from May 2020.

Overall, the number of homes sold through the board’s Multiple Listing Service (MLS) system totalled 262 units in May 2021. This was a sizable gain of 12% from May 2020.

It’s also 5.1% above the five-year average and 13.7% above the 10-year average for the month of May.

On a year-to-date basis, home sales have totalled a record 1,149 units over the first five months of the year. This was a substantial gain of 74.1% from the same period in 2020.

The dollar value of all home sales in May 2021 was $102.1 million, an increase of 50.6% from the same month in 2020. This was also a new record for the month of May.

There were 323 new residential listings in May 2021, but they didn’t stay on the market for long.

Active residential listings numbered just 281 units at the end of May, a substantial reduction of 44.4% from the end of May 2020. Active listings haven’t been this low in the month of May in more than 15 years.

Months of inventory numbered 1.1 at the end of May 2021, down from the 2.2 months recorded at the end of May 2020 and below the long-run average of 4.7 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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