Tillsonburg District Real Estate Board MLS® home sales remain subdued as new listings climb to near-record levels in September
The number of homes sold through the MLS® System of the Tillsonburg District Real Estate Board totaled 96 units in September 2022. This was a big decline of 38.1% from September 2021.
Home sales were 31.4% below the five-year average and 27.6% below the 10-year average for the month of September.
On a year-to-date basis, home sales totaled 995 units over the first nine months of the year. This was a substantial decline of 25.4% from the same period in 2021.
“Home sales were below typical levels for this time of year and are expected to remain lower until the market has absorbed the rest of the interest rate increases expected later this year and perhaps early into 2023 as well,” said Bryan Wiltshire, President of the Tillsonburg District Real Estate Board. “On the supply side, new listings posted their second highest September on record, a good sign that sellers have not shied away from the market despite prices having trended lower from earlier this year. Supply is gradually returning to the market after bottoming out at the end of 2021, and although still very low by historical standards it is moving away from these rock-bottom levels.”
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 $610,600 in September 2022, increasing by 7.5% compared to September 2021.
The average price of homes sold in September 2022 was $580,306, a decline of 5.9% from September 2021.
The more comprehensive year-to-date average price was $707,025, up by 15.4% from the first nine months of 2021.
The dollar value of all home sales in September 2022 was $55.7 million, a substantial decline of 41.7% from the same month in 2021.
The number of new listings saw a jump of 40.7% from September 2021. There were 249 new residential listings in September 2022. This was the largest number of new listings added in the month of September in more than a decade.
New listings were 24.6% above the five-year average and 33.7% above the 10-year average for the month of September.
Active residential listings numbered 443 units on the market at the end of September, more than double the levels from a year earlier, rocketing up 166.9% from the end of September 2021. Active listings haven’t been this high in the month of September in more than five years.
Active listings were 46.4% above the five-year average and 2.1% above the 10-year average for the month of September.
Months of inventory numbered 4.6 at the end of September 2022, up from the 1.1 months recorded at the end of September 2021 and above the long-run average of 3.6 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.
TILLSONBURG DISTRICT REAL ESTATE BOARD
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