Residential sales numbered 178 units in April 2016, rising 4.1 per cent from April 2015. Not only was this an April record, it stood within short reach of the all-time monthly peaks set last spring and summer.
Year-to-date activity was running 12.7 per cent ahead of the first four months of 2015, marking the second best start to any year after 2004.
New residential listings on the Association’s MLS® System totalled 226 units in April 2016, falling 28.7 per cent on a year-over-year basis.
Overall supply is currently running near record lows. There were 392 active residential listings on the Association’s MLS® System at the end of April 2016, dropping 35.7 per cent from April 2015.
There were 2.2 months of inventory at the end of April 2016, down from 3.6 months reported at the same time last year and below the long-run average for this time of the 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.