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 213 units in October 2024. This was a substantial gain of 67.7% from October 2023.

Home sales were 15.5% above the five-year average and 15.4% above the 10-year average for the month of October.

On a year-to-date basis, home sales totaled 1,678 units over the first 10 months of the year. This was a gain of 5.5% from the same period in 2023.

“October delivered a standout performance, logging the second highest sales total on record for the month,” said Alison Porter, President of the Woodstock Ingersoll Tillsonburg & Area Association of REALTORS®. “The number of newly listed properties were above-average for this time of year, outpacing sales by a 2-to-1 margin and helping to push overall inventory to nearly double the long-term average. Meanwhile, prices are holding steady and despite some fluctuation so far in 2024 average prices are virtually unchanged from the same period in 2023.”

The average price of homes sold in October 2024 was $642,715, nearly unchanged, up only 0.8% from October 2023.

The more comprehensive year-to-date average price was $652,984, essentially unchanged, down just 0.8% from the first 10 months of 2023.

The dollar value of all home sales in October 2024 was $136.9 million, a jump of 69.1% from the same month in 2023. This was also a new record for the month of October.

The number of new listings jumped by 46.3% from October 2023. There were 433 new residential listings in October 2024. This was the largest number of new listings added for the month of October and was also the highest number added for any month in history.

New listings were 47.9% above the five-year average and 68% above the 10-year average for the month of October.

Active residential listings numbered 841 units on the market at the end of October, an advance of 36.7% from the end of October 2023. Active listings haven’t been this high in the month of October in a decade.

Active listings were 76.3% above the five-year average and 74.3% above the 10-year average for the month of October.

Months of inventory numbered 3.9 at the end of October 2024, down from the 4.8 months recorded at the end of October 2023 and above the long-run average of 2.8 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.