MLS® home sales in Woodstock Ingersoll Tillsonburg & Area soften in November

The number of homes sold through the MLS® System of the Woodstock Ingersoll Tillsonburg & Area Association of REALTORS® totaled 108 units in November 2023. This was a slight reduction of 0.9% (one sale) from November 2022.

Home sales were 30.7% below the five-year average and 29.8% below the 10-year average for the month of November.

On a year-to-date basis, home sales totaled 1,684 units over the first 11 months of the year. This decreased by 5.2% from the same period in 2022.

“MLS® home sales in November remained virtually unchanged from the same month last year, posting the lowest total for the month since November 2014,” said Anthony Montanaro, President of the Woodstock Ingersoll Tillsonburg & Area Association of REALTORS®. “In terms of listings, November saw a decent influx of newly listed properties, topping the seasonal average for this time of year. However, our overall inventory took a dip, hitting the lowest since summer. Market conditions changed very little from last month, remaining in balanced territory.”

The average price of homes sold in November 2023 was $601,233, a gain of 4.3% from November 2022.

The more comprehensive year-to-date average price was $654,172, down by 8.2% from the first 11 months of 2022.

The dollar value of all home sales in November 2023 was $64.9 million, a minor increase of 3.4% from the same month in 2022.

The number of new listings saw a moderate decrease of 7.7% from November 2022. There were 217 new residential listings in November 2023.

New listings were 5.9% above the five-year average and 14.5% above the 10-year average for the month of November.

Active residential listings numbered 552 units on the market at the end of November, increasing by 4.7% from the end of November 2022. Active listings haven’t been this high in the month of November in more than five years.

Active listings were 57.6% above the five-year average and 27.5% above the 10-year average for the month of November.

Months of inventory numbered 5.1 at the end of November 2023, up from the 4.8 months recorded at the end of November 2022 and above the long-run average of 3.2 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 Woodstock Ingersoll Tillsonburg & Area Association of REALTORS® 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.

Share:

Facebook
Twitter
Pinterest
LinkedIn

Related Articles

Scroll to Top