The number of homes sold through the MLS® System of the Woodstock Ingersoll Tillsonburg & Area Association of REALTORS® totaled 170 units in March 2023, down sharply by 31.5% from March 2022.
Home sales were 18.7% below the five-year average and 16.1% below the 10-year average for the month of March.
On a year-to-date basis, home sales totaled 393 units over the first three months of the year. Falling 32.8% from the same period in 2022.
“The year-over-year figures may seem dire but looking through the lens of seasonality sales have stabilized over the last few months. While still below the long-run averages, sales during the month of March were at the highest monthly total since May 2022,” said Anthony Montanaro, President of the Woodstock Ingersoll Tillsonburg & Area Association of REALTORS®. “New listings were at the low end of what we would expect for this time of year, keeping the overall inventory steady at the historical average. As a result, upward price pressure appears to be building, pushing average price to its highest level since early last summer. As the traditionally busy spring market approaches full swing we expect that sales will continue at a moderate pace for the next couple of months. We are keeping a close eye on market conditions in our region for any definitive trends that may of indicate what’s to come in the summer months and beyond.”
The average price of homes sold in March 2023 was $642,390, a decrease of 19.5% from March 2022.
The more comprehensive year-to-date average price was $633,211, a decline of 21.6% from the first three months of 2022.
The dollar value of all home sales in March 2023 was $109.2 million, a significant reduction of 44.8% from the same month in 2022.
The number of new listings fell 22.4% from March 2022. There were 267 new residential listings in March 2023.
New listings were 7.9% below the five-year average and 2.8% below the 10-year average for the month of March.
Active residential listings numbered 426 units on the market at the end of March, more than double the levels from a year earlier, leaping 178.4% from the end of March 2022. Active listings haven’t been this high in the month of March in more than five years.
Active listings were 49.7% above the five-year average and 0.5% above the 10-year average for the month of March.
Months of inventory numbered 2.5 at the end of March 2023, up from the 0.6 months recorded at the end of March 2022 and on par with the long-run average of 2.5 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.