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Home Sales Decline as Home Prices Rise

Thursday, 7 December 2023 05:39

By Kyle Freel X @KFreelHeartFM

Local realtors sold 108 units last month, with the average home selling for $601,233.

OXFORD COUNTY - It was a slight decline for the number of homes sold in November.

The Woodstock Ingersoll Tillsonburg and Area Association of Realtors (WITAAR) sold 108 units, which was a drop of 0.9 percent from 2022. Over a 5-year average, it was below by 30.7 percent and under the 10-year average by 29.8 percent.

On a year-to-date basis, home sales totaled 1,684 units over the first 11 months of the year. This decreased by 5.2 percent from the same period in 2022.

On a plus side, the average price of a home was up in November. Last month, the Woodstock Ingersoll Tillsonburg and Area Association of Realtors said a home sold for an average of $601,233, which was a gain of 4.3 percent from November 2022.

The number of new listings saw a moderate decrease of 7.7 percent from November 2022. There were 217 new residential listings in November 2023. New listings were close to 6 percent above the five-year average and 14.5 percent above the 10-year average for the month of November.

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