Strong home sales continue in February
Inventory is an important measure of the balance between sales and the supply of listings, illustrating how long it would take to liquidate existing inventories at the current rate of sales activity.
"At the end of February, there were 0.6 months of inventory across the entire LSTAR area, lower than 0.8 months of inventory reported at the end of January," Lane said. "Out of the five main areas, St. Thomas had the lowest housing supply, with only 0.4 months of inventory, while Middlesex had the highest supply with 1.1 months," he added.
Another important measure is the sales-to-new listings ratio. "In the month of February, the ratio was 83.3% for LSTAR," Lane said. "A ratio between 40% and 60% is generally consistent with a balanced market, again demonstrating how robust the marketplace is. For those interested in selling their home, it's an opportune time to get in touch with a local REALTOR®."
Single-family homes were the most popular housing type sold in February, with 589 sales. The table below shows the February benchmark prices for all housing types and how they stack up against the values from a year ago.
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