Area house prices continue to soar

The Renfrew County Real Estate Board (RCREB) figures for August 2021 were released recently. The statistics show that the average price of homes sold in August 2021 was a record $425,499, a sizable gain of 29.5 percent from August 2020. The more comprehensive year-to-date average price was $396,778, a significant gain of 32.2 percent from the first eight months of 2020. Above Residential average price Renfrew County. Source: The Canadian Real Estate Association.

The number of homes sold through the MLS® System of the RCREB totaled 183 units in August 2021. This was down sharply by 25.6 percent from August 2020 but despite the dip it is still the third best level for this month on record. The dollar value of all home sales in August 2021 was $77.9 million — a modest decline of 3.6% from the same month in 2020.

Home sales were 3.9 percent below the five-year average and 13.1 percent above the 10-year average for the month of August. On a year-to-date basis, home sales totaled a record 1,708 units over the first eight months of the year. This was an increase of 13 percent from the same period in 2020.

Low inventory levels continue throughout the region. The lowest number of new listings (232) in more than five years was added in August, and at just 312 active listings by the end of August, active listings haven’t been this low in the month of August in more than 15 years. Active listings were 55.2 percent below the five-year average and 67.2 percent below the 10-year average for the month of August.

Months of inventory numbered 1.7 at the end of August 2021, up from the 1.4 months recorded at the end of August 2020 and below the long-run average of 6.5 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.

Martin,S.,RCREB(2021,Sept.15) CREA Housing Market Stats [media release]

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