Bidding wars, bully offers and properties selling for tens of thousands of dollars over asking price were the “norm” throughout 2021.
In 2021, the number of residential real estate sales increased 6% to 1257 units while the average sale price increased 28.8% to $640,585 from $497,302 in 2020 and $410,257 in 2019. (Looking back just 5 years ago, the average sale price was $295,415, less than half of what it was in 2021).
In 2021, homes sold almost 50% faster than only a year ago, decreasing from 49 days in 2020 to 26 days in 2021.
The sales price of a home divided by the last list price, described as a percentage, is referred to as the list-to-sell ratio (or list/sell ratio). If the list-to-sell ratio is above 100%, the home sold for more than the list price. If it’s less than 100%, the home sold for less than the list price. In 2021, the average ratio was 104.36%. In 2020, this ratio was 99.32%.
For specific real estate information about your Norfolk County neighbourhood, contact any of our Erie’s Edge REALTORS® by clicking here.
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