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 171 units in June 2024. This was a modest decline of 3.9% (seven sales) from June 2023.

Home sales were 14.8% below the five-year average and 21.6% below the 10-year average for the month of June.

On a year-to-date basis, home sales totaled 977 units over the first six months of the year, down by 5.1% from the same period in 2023.

“MLS® home sales experienced a decline in June, remaining below the long-term averages for the month. Similarly, the number of newly listed properties fell after five consecutive month-over-month increases,” said Alison Porter, President of the Woodstock Ingersoll Tillsonburg & Area Association of REALTORS®. “In line with trends seen in Southern Ontario and across the country, sales continue to lag behind new listings, resulting in an increase in overall active listings. Despite this increase, overall inventory remains significantly below the historical averages for this time of year.”

The average price of homes sold in June 2024 was $662,836, a minor increase of 1.4% from June 2023.

The more comprehensive year-to-date average price was $649,791, a small reduction of 1.4% from the first six months of 2023.

The dollar value of all home sales in June 2024 was $113.3 million, falling by 2.6% from the same month in 2023.

The number of new listings saw a modest decline of 2% (seven listings) from June 2023. There were 347 new residential listings in June 2024.

New listings were 1.5% above the five-year average and 9.9% above the 10-year average for the month of June.

Active residential listings numbered 627 units on the market at the end of June, up by 29% from the end of June 2023. Active listings haven’t been this high in the month of June in more than five years.

Active listings were 50.6% above the five-year average and 30.1% above the 10-year average for the month of June.

Months of inventory numbered 3.7 at the end of June 2024, up from the 2.7 months recorded at the end of June 2023 and above the long-run average of 2.3 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.