Woodstock-Ingersoll & District Real Estate Board MLS® home sales decline, new listings surge in May
The number of homes sold through the MLS® System of the Woodstock-Ingersoll & District Real Estate Board totaled 156 units in May 2022. This was a substantial decline of 30% from May 2021.
Home sales were 7.1% below the five-year average and 10.4% below the 10-year average for the month of May.
On a year-to-date basis, home sales totaled 749 units over the first five months of the year. This was a moderate decrease of 8.1% from the same period in 2021.
“Like many other markets in our region we saw a decline in sales activity from last year’s very strong May to levels that are now trending slightly below average for this time of year,” said Anthony Montanaro, President of the Woodstock-Ingersoll & District Real Estate Board. “New listings posted the second highest May on record, and this strength in supply returning to the market is something we’d like to continue seeing over the next several months. Overall inventories have just started to rise from their rock-bottom levels, but if current trends persist we may see a rebalancing of the market and an increase in overall supply levels to the point where potential buyers once again have a healthy choice of available listings.”
The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $786,800 in May 2022, a sizable gain of 18.6% compared to May 2021.
The benchmark price for single-family homes was $814,600, increasing by 18% on a year-over-year basis in May. By comparison, the benchmark price for townhouse/row units was $564,200, an advance of 39.5% compared to a year earlier.
The average price of homes sold in May 2022 was $710,220, up 9.8% from May 2021.
The more comprehensive year-to-date average price was $784,566, a gain of 21.7% from the first five months of 2021.
The dollar value of all home sales in May 2022 was $110.8 million, down by 23.2% from the same month in 2021.
The number of new listings rose 10.5% from May 2021. There were 315 new residential listings in May 2022. This was the largest number of new listings added in the month of May in five years.
New listings were 27.8% above the five-year average and 25.5% above the 10-year average for the month of May.
Active residential listings numbered 262 units on the market at the end of May, jumping 71.2% from the end of May 2021.
Active listings were 2.2% below the five-year average and 34.7% below the 10-year average for the month of May.
Months of inventory numbered 1.7 at the end of May 2022, up from the 0.7 months recorded at the end of May 2021 and below the long-run average of 2.5 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.
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.
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