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Real Estate Market Has a Sharp Decline in April

Thursday, 21 May 2020 16:39

The real estate market in Canada had a big decline in the month April and the Woodstock-Ingersoll District Real Estate Board was no different.

WOODSTOCK/INGERSOLL - The real estate market in Canada had a big decline in the month April and Oxford County was no different.

Residential sales activity recorded through the MLS® system for the Woodstock-Ingersoll & District area numbered 66 units in
April 2020. This was a decline of 50.7% from April 2019 and was the lowest level of sales recorded since the year 2000.

On a year-to-date basis, home sales totalled 371 units over the first four months of the year. This was a decrease of 12.5% from this period in 2019. President Lesley Michie says the declines can easily be traced back to the start of the pandemic. 

“Home sales and new listings both hit lows not seen in a long time due to both buyers and sellers doing their part and staying home to stop the spread of COVID19. As such, the market is still adjusting to the sudden shock to activity. Realtors were deemed an essential service in the province to help their clients and have implemented new protocols to protect ensure health and safety measures are met as well as adopted new technology to help clients market or view properties and fill out documents.”

The average price of homes sold in April 2020 was $407,718, edging down 3.8% from April 2019.

The more comprehensive year-to-date average price was $443,336, rising 10.5% from the first four months of 2019.

There were 75 new residential listings in April 2020. This was a decline of 61.9% on a year-over-year basis and was the lowest supply of new listings to hit the market for the month in recent history.

Overall supply is currently sitting at record lows. Active residential listings numbered 152 units at the end of April. This was down 48.3% from the end of April 2019.

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