Woodstock Ingersoll Tillsonburg & Area Association of REALTORS

The number of homes sold through the MLS® System of the Woodstock Ingersoll Tillsonburg & Area Association of REALTORS® totaled 148 units in March 2024, decreasing 10.8% from March 2023.

Home sales were 27.4% below the five-year average and 28.2% below the 10-year average for the month of March.

On a year-to-date basis, home sales totaled 427 units over the first three months of the year. This was a moderate gain of 7.6% from the same period in 2023.

"Following a robust performance in February, sales experienced a slight decline in March, marking the lowest total for the month since March of 2014. New listings also fell short of typical expectations for this time of year. With sales trailing the number of newly listed properties during March, overall inventory of available homes continued the upward trend we have seen since the start of 2024, lifting the number of available homes well above the long-run average for the month,” said Alison Porter, President of the Woodstock Ingersoll Tillsonburg & Area Association of REALTORS®. “Market conditions remained relatively stable as the typically active spring market got underway. Potential buyers seem to be adopting a cautious stance, possibly waiting for indications from the Bank of Canada on the likelihood of rate cuts in the coming months, a scenario that has been widely anticipated. If you are thinking about buying or selling a home, we recommend contacting a REALTOR® as they have a deep understanding of market trends and can provide strategic insights that enable you to make informed decisions.”

The average price of homes sold in March 2024 was $654,257, increasing by 2.2% from March 2023.

The more comprehensive year-to-date average price was $637,811, up only 0.2% from the first three months of 2023.

The dollar value of all home sales in March 2024 was $96.8 million, down by 8.9% from the same month in 2023.

The number of new listings fell slightly by 1.5% (four listings) from March 2023. There were 267 new residential listings in March 2024.

New listings were 10.6% below the five-year average and 5.7% below the 10-year average for the month of March.

Active residential listings numbered 485 units on the market at the end of March, a moderate gain of 8.3% from the end of March 2023. Active listings haven’t been this high in the month of March in more than five years.

Active listings were 54.3% above the five-year average and 22.3% above the 10-year average for the month of March.

Months of inventory numbered 3.3 at the end of March 2024, up from the 2.7 months recorded at the end of March 2023 and above the long-run average of 2.2 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.