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Home Sales Drop Significantly in January

Monday, 8 February 2021 12:56

"The headline story for real estate in our region right now is you cannot buy what is not for sale."

WOODSTOCK/INGERSOLL - Home sales were down significantly last month in the Woodstock-Ingersoll and District Real Estate Board.

A total of 66 units were sold in January, down 44.1% from January 2020. 

President of the Board Alison Porter says it was a really slow month. 

"What a difference a couple of months can make. Through the summer and fall months it was not uncommon to see monthly sales totals of nearly three times the number we saw this past month. The unsustainably low overall inventory combined with new lockdown measures in the province are staring to have a major impact on sales and listings alike. The headline story for real estate in our region right now is you cannot buy what is not for sale."

The average price of homes was up 31.7 % using the MLS® Home Price Index. The overall MLS® HPI composite benchmark price was $491,100 in January 2021.

The benchmark price for single-family homes was $507,200, a large increase of 32.1% on a year-over-year basis in January. By comparison, the benchmark price for townhouse/row units was $311,200, rising 27.3% compared to a year earlier.

The average price of homes sold last month set a new record at $659,046, which is up 45% from last year. 
 

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