The Woodstock Ingersoll Tillsonburg & Area Association of Realtors sold 84 units last month. This is a 45 percent decline compared to December 2021.
OXFORD - The number of homes sold in the area saw a huge decline in the month of December.
According to the Woodstock Ingersoll Tillsonburg & Area Association of Realtors, only 84 units were sold last month, which is down 44.7% from last December. It's not a case of last year being a strong month either, with December 2022 landing over 20% below the five-year and 10-year averages.
Home sales were down altogether this year by a deficit of over 250 homes.
President Anthony Montanaro called it a subdued finish to a subdued year.
"On an annual basis sales activity recorded the lowest totals going back to 2014. Looking through the monthly seasonality there is some evidence of an emerging rebound in sales, although it’s tough to tell how well this momentum holds up as we move through the traditionally lower volume months of the winter. New listings are still holding up well and overall supply levels have moved up to a much healthier range compared to only half a year ago, so conditions are evolving favourably towards buyers who are thinking about getting off the sidelines and back into the market."
The average price of homes sold also saw a substantial decline of 18% from December 2021, down to $609,206.
Despite the low sales numbers, the number of new and active listings last month were sky high. December saw the largest number of new listings added for the month in more than a decade at 126. Over 400 residential listings were on the market at the end of 2022, leaping almost 600% from the end of December 2021.
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