Woodstock-Ingersoll & District Real Estate Board MLS® home sales remain below average as new listings surge in September
The number of homes sold through the MLS® System of the Woodstock-Ingersoll & District Real Estate Board totaled 89 units in September 2022. This was a sharp decrease of 41.4% from September 2021.
Home sales were 35.5% below the five-year average and 32.7% below the 10-year average for the month of September.
On a year-to-date basis, home sales totaled 1,152 units over the first nine months of the year. This was down sharply by 22.3% from the same period in 2021.
“Home sales activity came in well below average levels for this time of year, as expected, and will likely continue to do at least until interest rates stabilize and the market has had time to absorb the impact of these higher rates,” said Anthony Montanaro, President of the Woodstock-Ingersoll & District Real Estate Board. “It’s a welcome sight to see new listings returning with such strength, indicating that sellers have not withdrawn from the market. This is bringing back some much-needed supply after the extreme shortage we experienced over most of 2020 and 2021 and will ensure that home buyers have ample choice when they decide to move off the sidelines again.”
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 $657,600 in September 2022, edging up 0.4% compared to September 2021.
The benchmark price for single-family homes was $675,600, down only 0.6% on a year-over-year basis in September. By comparison, the benchmark price for townhouse/row units was $514,300, up by 19.2% compared to a year earlier.
The average price of homes sold in September 2022 was $673,378, essentially unchanged, down just 0.3% from September 2021.
The more comprehensive year-to-date average price was $746,233, a sizable gain of 14.8% from the first nine months of 2021.
The dollar value of all home sales in September 2022 was $59.9 million, a substantial reduction of 41.6% from the same month in 2021.
The number of new listings saw an advance of 31.9% from September 2021. There were 244 new residential listings in September 2022. This was the largest number of new listings added in the month of September in more than a decade.
New listings were 21.5% above the five-year average and 25.2% above the 10-year average for the month of September.
Active residential listings numbered 383 units on the market at the end of September, more than double the levels from a year earlier, increasing 245% from the end of September 2021. Active listings haven’t been this high in the month of September in more than five years.
Active listings were 43.4% above the five-year average and 0.6% above the 10-year average for the month of September.
Months of inventory numbered 4.3 at the end of September 2022, up from the 0.7 months recorded at the end of September 2021 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.
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
For more information,