The number of homes sold through the MLS® System of the Woodstock Ingersoll Tillsonburg & Area Association of REALTORS® totaled 215 units in April 2023. This was up by 16.8% from April 2022.
Home sales were 9.7% above the five-year average and 4.4% above the 10-year average for the month of April.
On a year-to-date basis, home sales totaled 608 units over the first four months of the year. This was a decrease of 20.9% from the same period in 2022.
“Not only were MLS® home sales in April at the highest single month total in a year but they were also above both the five- and 10-year average for the month. With a 26% increase in sales from March and a staggering 125% increase since January, I think it is safe to say the 2023 spring market has been a welcome return to the norm,” said Anthony Montanaro, President of the Woodstock Ingersoll Tillsonburg & Area Association of REALTORS®. “The number of newly listed properties during April was also right around what we would expect for this time of year. As listings return, we are seeing buyers that have been sidelined, due to either interest rates or the lack of available choice, swoop in quickly and snap up the most desirable properties. Although not a trend as of yet, market conditions in our region swung heavily in favour of sellers in April and pushed the average price to the highest level it has been since early summer 2022. Only time will tell if the recent influx of new listings will continue to entice both buyers and sellers back into the market.”
The average price of homes sold in April 2023 was $660,217, a moderate decrease of 9.8% from April 2022.
The more comprehensive year-to-date average price was $642,761, a decline of 18.6% from the first four months of 2022.
The dollar value of all home sales in April 2023 was $141.9 million, a gain of 5.4% from the same month in 2022.
The number of new listings was down sharply by 15.9% from April 2022. There were 296 new residential listings in April 2023.
New listings were 3.9% above the five-year average and 2% above the 10-year average for the month of April.
Active residential listings numbered 426 units on the market at the end of April, a substantial increase of 62.6% from the end of April 2022. Active listings haven’t been this high in the month of April in more than five years.
Active listings were 34% above the five-year average and 5.9% below the 10-year average for the month of April.
Months of inventory numbered 2 at the end of April 2023, up from the 1.4 months recorded at the end of April 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.