Woodstock-Ingersoll and District home sales and new listings post considerable rebounds in June
Residential sales activity recorded through the MLS® system for the Woodstock-Ingersoll & District area numbered 154 units in June 2020. This was down 4.3% (seven sales) from June 2019.
On a year-to-date basis, home sales totalled 603 units over the first six months of the year. This was down 20.6% from this period in 2019.
“Home sales continued to rebound in June, marking significant improvement over where they stood in the past three months. While I wouldn’t say that we’re quite back at pre-COVID levels just yet given the momentum leading up to March, sales in June still managed to come in at average levels for this time of year,” said Lesley Michie, President of the Woodstock-Ingersoll & District Real Estate Board. “New listings, which have also rebounded considerably, have not come back as strongly as sales activity. As a result, the market is very much within seller’s territory and it looks like we’re going to see stronger price growth in the near term. Hopefully this will motivate potential home sellers to come off the sidelines and bring supply back to the market.”
The average price of homes sold in June 2020 was $480,660, rising 19.3% from June 2019.
The more comprehensive year-to-date average price was $457,710, rising 13.4% from the first six months of 2019.
There were 178 new residential listings in June 2020. This was down 5.3% (10 listings) on a year-over-year basis but was still well above levels from the past three months.
Overall supply is currently sitting at record lows. Active residential listings numbered 148 units at the end of June. This was a large decline of 46% from the end of June 2019.
Months of inventory numbered 1 at the end of June 2020, down from the 1.7 months recorded at the end of June 2019 and below the long-run average of 3.6 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 June 2020 was $74 million, rising 14.1% from the same month in 2019. This was a new record for the month of June.
Sales of all property types numbered 164 units in June 2020; this was little changed, down only 0.6% (one sale) from June 2019. The total value of all properties sold was $77.8 million, rising 15.6% from June 2019.
BOARD & ASSOCIATION INFORMATION
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