The number of homes sold through the MLS® System of the Woodstock Ingersoll Tillsonburg & Area Association of REALTORS® totaled 149 units in July 2023. This was a substantial increase of 30.7% from July 2022.
Home sales were 24% below the five-year average and 23.4% below the 10-year average for the month of July.
On a year-to-date basis, home sales totaled 1,169 units over the first seven months of the year. This was a moderate decrease of 7.6% from the same period in 2022.
“Although still below long-term averages, home sales posted a healthy rebound from year-ago levels in July as the improvement in demand continues to gradually materialize,” said Anthony Montanaro, President of the Woodstock Ingersoll Tillsonburg & Area Association of REALTORS®. “New listings are currently trending above typical levels for this time of year, which bodes well for resupplying the market and providing more choice to buyers who are approaching their home buying decisions with more caution than before. The market is currently in a balanced position, but growing demand is pushing it towards seller’s territory, which could prompt even more listings to come online in the months ahead.”
The average price of homes sold in July 2023 was $659,943, increasing by 3% from July 2022.
The more comprehensive year-to-date average price was $658,353, a sharp decrease of 12.5% from the first seven months of 2022.
The dollar value of all home sales in July 2023 was $98.3 million, up sharply by 34.6% from the same month in 2022.
The number of new listings saw a decrease of 5.8% from July 2022. There were 293 new residential listings in July 2023.
New listings were 6.4% above the five-year average and 11.9% above the 10-year average for the month of July.
Active residential listings numbered 506 units on the market at the end of July, a moderate decrease of 4.7% from the end of July 2022.
Active listings were 35.1% above the five-year average and 0.1% above the 10-year average for the month of July.
Months of inventory numbered 3.4 at the end of July 2023, down from the 4.7 months recorded at the end of July 2022 and above the long-run average of 2.8 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.