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Overall Supply Hits Record Low for Residential Home Sales

Thursday, 10 October 2019 14:32

The amount of homes for sale have hit record lows in the Woodstock-Ingersoll and District Real Estate Board.

WOODSTOCK/INGERSOLL - Residential home sales were down slightly last month, compared to September of 2018. 

The Woodstock-Ingersoll and District Real Estate Board says 110 units were sold last month, down 3.5% from this time last year. 

President of the Board Neil Krushel says we still have supply and demand issues in the region. 

“Home sales edged down a bit on a year-over-year basis in September, as buyers in our region continue to face a historical shortage of properties for sale. That imbalance between supply and demand has prices on track for a fourth consecutive sizeable annual gain this year.”

The average price of homes sold in September 2019 was $409,092, up 6% from September 2018. The more comprehensive year-to-date average price was $405,110, climbing 8.2% from the first nine months of 2018.

There were 143 new residential listings in September 2019. This was a decrease of 10.6% on a year-over-year basis to the lowest level for the month in 16 years. Overall supply is at record lows. Active residential listings numbered 244 units at the end of September, down 21.8% from the end of September 2018.

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