|The number of homes sold through the MLS® System of the Woodstock Ingersoll Tillsonburg & Area Association of REALTORS® totaled 156 units in August 2023. This was an increase of 13.9% from August 2022.|
|Home sales were 17.4% below the five-year average and 16.5% below the 10-year average for the month of August.|
On a year-to-date basis, home sales totaled 1,326 units over the first eight months of the year. This was a moderate decrease of 5.4% from the same period in 2022.
“MLS® home sales remained stable in August, posting a fifth consecutive year-over-year increase. Having said that, the total number of sales was still below what we would expect to see for this time of year,” said Anthony Montanaro, President of the Woodstock Ingersoll Tillsonburg & Area Association of REALTORS®. “Listings, on the other hand, continued at an above average pace in August, which helped bolster overall inventory. The increase in available homes has brought back buyers and as a result the average price has started to rise again, jumping to the second highest August on record.”
The average price of homes sold in August 2023 was $690,344, increasing by 13.9% from August 2022.
The more comprehensive year-to-date average price was $662,054, a decrease of 10.3% from the first eight months of 2022.
The dollar value of all home sales in August 2023 was $107.7 million, up by 29.7% from the same month in 2022.
The number of new listings saw an increase of 4% (11 listings) from August 2022. There were 288 new residential listings in August 2023. This was the largest number of new listings added in the month of August in 15 years.
New listings were 10.5% above the five-year average and 18.2% above the 10-year average for the month of August.
Active residential listings numbered 515 units on the market at the end of August, a small reduction of 1.9% (10 listings) from the end of August 2022.
Active listings were 39.3% above the five-year average and 5.7% above the 10-year average for the month of August.
Months of inventory numbered 3.3 at the end of August 2023, down from the 3.8 months recorded at the end of August 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.