Tillsonburg District Real Estate Board

Tillsonburg District Real Estate Board MLS® home sales continue to slow in May as market moves towards balanced territory

The number of homes sold through the MLS® System of the Tillsonburg District Real Estate Board totaled 134 units in May 2022. This was a substantial decline of 25.1% from May 2021.

Home sales were 1.2% below the five-year average and 1.4% below the 10-year average for the month of May.

On a year-to-date basis, home sales totaled 636 units over the first five months of the year. This was a significant decrease of 13.7% from the same period in 2021.

“Home sales came in slightly below average levels for this time of year, which is a big change from the record May we saw in 2021 and what we were experiencing earlier this year. Most of the slowdown can be explained by recent interest rate increases, which has taken some froth out of the market,” said Bryan Wiltshire, President of the Tillsonburg District Real Estate Board. “With that being said, the increase in new listings was a welcome sight as we continue to see some much-needed supply return to the market. Potential buyers will hopefully have more options to choose from over the next few months.”

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite/single-family benchmark price was $671,800 in May 2022, an increase of 22.6% compared to May 2021.

The average price of homes sold in May 2022 was $720,271, up by 11% from May 2021.

The more comprehensive year-to-date average price was $744,464, an increase of 22% from the first five months of 2021.

The dollar value of all home sales in May 2022 was $96.5 million, a big reduction of 16.9% from the same month in 2021.

The number of new listings were up by 27.6% from May 2021. There were 291 new residential listings in May 2022. This was also the largest number of new listings added in the month of May in history.

New listings were 33.5% above the five-year average and 26.9% above the 10-year average for the month of May.

Active residential listings numbered 261 units on the market at the end of May, an advance of 68.4% from the end of May 2021.

Active listings were 5.6% below the five-year average and 42.6% below the 10-year average for the month of May.

Months of inventory numbered 1.9 at the end of May 2022, up from the 0.9 months recorded at the end of May 2021 and below the long-run average of 3.5 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.

BOARD & ASSOCIATION INFORMATION

The Tillsonburg District Real Estate Board members provide professional real estate services to buyers and sellers of all types of property. Its members are part of the Ontario Real Estate Association and the Canadian Real Estate Association, and as such subscribe to a high standard of professional service and a strict Code of Ethics. Tillsonburg District Real Estate Board listings can be found on www.realtor.ca.


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TILLSONBURG DISTRICT REAL ESTATE BOARD

For more information, please contact:
(519) 842-9361
tburgreb@bellnet.ca

President
Bryan Wiltshire