Home sales recorded through the MLS® System of the Kawartha Lakes Real Estate Association Inc. came in below year-ago levels in May 2016.
Residential sales numbered 172 units in May 2016, down nine per cent from the record for the month of May set last year to mark the second best May level on record.
Some 615 homes have traded hands so far this year, up 5.7 per cent from the first five months of 2015. This marked a new record for the period.
New residential listings on the Association’s MLS® System totalled 258 units in May 2016, falling 16.8 per cent on a year-over-year basis.
Overall supply is currently running near record lows. There were 440 active residential listings on the Association’s MLS® System at the end of May 2016, dropping 33.4 per cent from May 2015.
There were just 2.6 months of inventory at the end of May 2016, down from 3.5 months reported at the same time last year and just half 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.
Information provided by The Canadian Real Estate Association