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 160 units in September 2024. This was a notable gain of 26% from September 2023.

Home sales were 9.7% below the five-year average and 6.3% below the 10-year average for the month of September.

On a year-to-date basis, home sales totaled 1,426 units over the first nine months of the year. This decreased by 2.1% from the same period in 2023.

“September saw a surge in MLS® homes sales, reversing the declining trend of recent months and rising from the same time last year. We also saw the highest number of newly listed properties since the spring of 2022. With new listings outpacing sales by nearly a 3:1 margin, overall inventories at the end of September jumped above 750 for the first time since summer 2015,” said Alison Porter, President of the Woodstock Ingersoll Tillsonburg & Area Association of REALTORS®. “Average prices also shot up, reaching the second highest level seen so far this year. Market conditions haven’t shifted much for the past few months and are still slightly favouring buyers. As summer turns to fall, time will tell if the demand picks up as the Bank of Canada reveals what it intends to do with interest rates for the remainder of the year and into 2025.”

The average price of homes sold in September 2024 was $675,332, a gain of 5.9% from September 2023.

The more comprehensive year-to-date average price was $654,801, nearly unchanged, down only 0.9% from the first nine months of 2023.

The dollar value of all home sales in September 2024 was $108.1 million, a substantial increase of 33.4% from the same month in 2023.

The number of new listings rose 21.5% from September 2023. There were 413 new residential listings in September 2024. This was also the largest number of new listings added in the month of September in history.

New listings were 28.2% above the five-year average and 48.1% above the 10-year average for the month of September.

Active residential listings numbered 769 units on the market at the end of September, increasing by 29.2% from the end of September 2023. Active listings haven’t been this high in the month of September in a decade.

Active listings were 64.3% above the five-year average and 56.9% above the 10-year average for the month of September.

Months of inventory numbered 4.8 at the end of September 2024, up from the 4.7 months recorded at the end of September 2023 and above the long-run average of 3.1 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.