Home sales continue to climb in the Woodstock-Ingersoll and District Real Estate Board despite historic lows in supply.
WOODSTOCK/INGERSOLL - Home sales continue to climb in the Woodstock-Ingersoll and District Real Estate Board despite historic lows in supply.
Residential sales activity recorded through the MLS® system had 99 units sold last month. This was up 8.8% (eight sales) from January 2019 and marked the second-best month of January ever in the region.
President Lesley Michie says home sales posted another historically strong showing to start 2020 even as supply hit another all time low.
"That said, December and January are typically the quietest months of the year. The issue will be in the months ahead, whether there is enough new supply to satisfy demand during the busy spring
market. Odds are there will be more demand than there is supply, and that excess demand will likely spill over onto the price side again this year."
The average price of homes sold in January 2020 was a record $451,143, rising 12.5% from January 2019. There were 108 new residential listings in January 2020. This was down 20% on a
Overall supply is currently trending at all-time record lows. Active residential listings numbered just 143 units at the end of January, plunging 41.9% from the end of January 2019.