Woodstock Ingersoll Tillsonburg & Area MLS® home sales remain subdued in February
The number of homes sold through the MLS® System of the Woodstock Ingersoll Tillsonburg & Area Association of REALTORS® totaled 129 units in February 2023. This was a large decline of 33.5% from February 2022.
Home sales were 16.2% below the five-year average and 10.7% below the 10-year average for the month of February.
On a year-to-date basis, home sales totaled 224 units over the first two months of the year, declining 33.5% from the same period in 2022.
“As with many markets in Ontario, we continued to experience below-average sales totals during the month of February. While activity recorded a notable month-over-month increase from January, sales totals in February were still below the historical average for this time of year,” said Anthony Montanaro, President of the Woodstock Ingersoll Tillsonburg & Area Association of REALTORS®. “On the listings side, the above-average number of newly listed properties during the month helped stop the five-month decline of active listings. Although tightened from January, market conditions still sit firmly in balanced territory. With the usually busy spring market just around the corner, we expect the next few months will provide some visibility as to what to expect into the summer and over the rest of the year.”
The average price of homes sold in February 2023 was $634,022, falling 24.1% from February 2022.
The more comprehensive year-to-date average price was $626,373, a decrease of 23% from the first two months of 2022.
The dollar value of all home sales in February 2023 was $81.8 million, down sharply by 49.5% from the same month in 2022.
The number of new listings saw a decrease of 6.6% (15 listings) from February 2022. There were 213 new residential listings in February 2023.
New listings were 9.1% above the five-year average and 7% above the 10-year average for the month of February.
Active residential listings numbered 409 units on the market at the end of February, more than double the levels from a year earlier, leaping 375.6% from the end of February 2022. Active listings haven’t been this high in the month of February in more than five years.
Active listings were 67.2% above the five-year average and 3.2% above the 10-year average for the month of February.
Months of inventory numbered 3.2 at the end of February 2023, up from the 0.4 months recorded at the end of February 2022 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.
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