Tillsonburg home sales and new listings both drop in April as region follows stay-at-home orders
Residential sales activity recorded through the MLS® system for the Tillsonburg District numbered 41 units in April 2020. This was a large decline of 49.4% from April 2019 and was the lowest level of sales recorded for the month in over 20 years.
On a year-to-date basis, home sales totalled 189 units over the first four months of the year. This was a decrease of 11.3% from 2019.
“Home sales and new listings both dropped to multi-year lows for the month as our region played our part in the public health crisis, this scenario is very much the opposite of what we were expecting to be happening at this time of the year, ” said Dane Willson, President of the Tillsonburg District Real Estate Board. “Like many other parts of the province and Canada, our market is adjusting to the physical distancing measures implemented and our members have adopted new technologies to help service their clients during this unprecedented time.”
The average price of homes sold in April 2020 was $385,878, down 6.2% from April 2019.
The more comprehensive year-to-date average price was $411,829, up 5% from the first four months of 2019.
The dollar value of all home sales in April 2020 was $15.8 million, declining by 52.5% from the same month in 2019.
There were 45 new residential listings in April 2020. This was a large decline of 53.6% on a year-over-year basis.
Overall supply is still running at record lows. Active residential listings numbered 136 units at the end of April. This was a decrease of 12.8% from the end of April 2019.
Months of inventory numbered 3.3 at the end of April 2020, up from the 1.9 months recorded at the end of April in 2019 and below the long-run average of 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.
TILLSONBURG DISTRICT REAL ESTATE BOARD
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