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Another Slow Month for Home Sales

Wednesday, 8 March 2023 10:42

By Marcie Culbert X @marcieculbert

The Woodstock Ingersoll Tillsonburg & Area Association of Realtors sold 129 units last month, which is a 33.5 percent decline compared to February 2022.

OXFORD COUNTY - It was a slow February for home sales within the Woodstock Ingersoll Tillsonburg & Area Association of Realtors.

The board sold 129 units in February, which is a 33.5 percent decline compared to the same time last year.

President Anthony Montanaro says this brings the total number of units sold so far this year to 224.

"As with many markets in Ontario, we continued to experience below-average sales totals during the month of February. While activity recorded a notable month-over-month increase from January, sales totals in February were still below the historical average for this time of year. On the listings side, the above-average number of newly listed properties during the month helped stop the five-month decline of active listings. Although tightened from January, market conditions still sit firmly in balanced territory. With the usually busy spring market just around the corner, we expect the next few months will provide some visibility as to what to expect into the summer and over the rest of the year."

The average home sold for $634,022 which is a 24.1 percent drop compared to February 2022.

The real estate board added 213 new residential listings last month, which is 7 percent above the 10-year average for February.

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