Home Sales Show Early Signs of Picking Up in Woodstock-Ingersoll and District Real Estate Board

Monday, 8 June 2020 17:18

The amount of Home sales had another decline in May locally, however the average price of units sold was up and the amount of homes sold was higher than in April.

WOODSTOCK/INGERSOLL - The amount of Home sales had another decline in May locally, however the average price of units sold was up.

Residential sales activity recorded through the MLS® system for the Woodstock-Ingersoll & District area numbered 78 units in
May 2020. This was a large 55.2% decline from May 2019. Even so, on a seasonally adjusted basis sales were up 25% from April
to May.

On a year-to-date basis, home sales totalled 449 units over the first five months of the year. President of the Woodstock-Ingersoll and District Real Estate Board Lesley Miche says this was down 24.9% from this period in 2019.

“Home sales in May showed some early signs of picking up compared to April, not as much as some other markets but then again our market has not seen the kind of pickup in new listings that some other markets got in May. Another piece of evidence that the demand is still out there if only more homes were available for sale was the average home price in May, which bounced right back after a dip in April and actually set a new all-time monthly record. We obviously still have a way to go, but these figures do not forebode the kind of doom and gloom some are forecasting for the housing market.”

The average price of homes sold in May 2020 was a record $480,769, rising 16.9% from May 2019.

The more comprehensive year-to-date average price was $449,839, up 11.3% from the first five months of 2019.

There were 93 new residential listings in May 2020, a 54.9% drop on a year-overyear basis.

Overall supply is currently sitting at record lows. Active residential listings numbered only 153 units at the end of May, down 47.2% from the end of May 2019.