Woodstock-Ingersoll and District housing market slows amid COVID-19 public health measures
Residential sales activity recorded through the MLS® system for the Woodstock-Ingersoll & District area numbered 66 units in April 2020. This was a decline of 50.7% from April 2019 and was the lowest level of sales recorded since the year 2000.
On a year-to-date basis, home sales totalled 371 units over the first four months of the year. This was a decrease of 12.5% from this period in 2019.
“Home sales and new listings both hit lows not seen in a long time due to both buyers and sellers doing their part and staying home to stop the spread of COVID-19,” said Lesley Michie, President of the Woodstock-Ingersoll & District Real Estate Board. “As such, the market is still adjusting to the sudden shock to activity. REALTORS® were deemed an essential service in the province to help their clients and have implemented new protocols to protect ensure health and safety measures are met as well as adopted new technology to help clients market or view properties and fill out documents.”
The average price of homes sold in April 2020 was $407,718, edging down 3.8% from April 2019.
The more comprehensive year-to-date average price was $443,336, rising 10.5% from the first four months of 2019.
There were 75 new residential listings in April 2020. This was a decline of 61.9% on a year-over-year basis and was the lowest supply of new listings to hit the market for the month in recent history.
Overall supply is currently sitting at record lows. Active residential listings numbered 152 units at the end of April. This was down 48.3% from the end of April 2019.
Months of inventory numbered 2.3 at the end of April 2020, up from the 2.2 months recorded at the end of April 2019 and below the long-run average of 3.7 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.
The dollar value of all home sales in April 2020 was $26.9 million, declining by 52.6% from the same month in 2019.
Sales of all property types numbered 71 units in April 2020; this was a decline of 50% from April 2019. The total value of all properties sold was $35.2 million, declining by 42.8% from April 2019.
BOARD & ASSOCIATION INFORMATION
The Woodstock-Ingersoll & District Real Estate Board operates the Multiple Listing Service® in the region. REALTOR® is a trademark, which identifies real estate professionals who are members of the Canadian Real Estate Association and, as such, subscribe to a high standard of professional service and to a strict Code of Ethics.
WOODSTOCK-INGERSOLL & DISTRICT REAL ESTATE BOARD
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