The number of homes sold through the MLS® System of the Woodstock Ingersoll Tillsonburg & Area Association of REALTORS® totaled 235 units in May 2023. This was an increase of 9.8% from May 2022.
Home sales were 4.9% above the five-year average and 3.6% above the 10-year average for the month of May.
On a year-to-date basis, home sales totaled 844 units over the first five months of the year. This was a decline of 14.1% from the same period in 2022
“Home sales recorded their second consecutive year-over-year gain in May, posting the fourth best level for this month in history,” said Anthony Montanaro, President of the Woodstock Ingersoll Tillsonburg & Area Association of REALTORS®. “The incredible strength in demand these past two months has run counter to the trend of declining new supply, which is restricting sales activity in many other markets in Southern Ontario. As it stands now in our local market, overall inventories are once again racing back down to historical lows as inventories getting absorbed are not being replenished at a pace nearly fast enough to keep up with demand. As a result, the market balance has been pushed deep into seller’s territory and price levels are surging, which may hopefully be the signal that would-be sellers were waiting for before returning to the market.”
The average price of homes sold in May 2023 was $703,247, increasing by 1.7% from May 2022.
The more comprehensive year-to-date average price was $659,356, a decrease of 14.1% from the first five months of 2022.
The dollar value of all home sales in May 2023 was $165.3 million, up by 11.7% from the same month in 2022.
The number of new listings saw a notable decrease of 23% from May 2022. There were 321 new residential listings in May 2023.
New listings were 0.1% below the five-year average and 2.6% below the 10-year average for the month of May.
Active residential listings numbered 395 units on the market at the end of May, a sizable gain of 12.5% from the end of May 2022.
Active listings were 16.3% above the five-year average and 19.6% below the 10-year average for the month of May.
Months of inventory numbered 1.7 at the end of May 2023, up from the 1.6 months recorded at the end of May 2022 and below the long-run average of 2.3 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.