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Local Housing Market Cools Slightly in June

Friday, 9 July 2021 07:20

The President of the Woodstock-Ingersoll and District Real Estate Board says the number of new listings pulled back in June, causing a drop in overall inventory.

WOODSTOCK/INGERSOLL - The Woodstock-Ingersoll and District Real Estate Board cooled slightly in the month of June. 

A total of 186 units were sold last month, which is up 1.6% from June 2020. 

President Alison Porter says the market activity was down slightly last month. 

"Market activity in our region cooled slightly from recent white-hot levels. MLS® home sales remained modestly above their long-term averages, while new listings pulled back for the first time in four months."

Porter says this caused a drop in overall inventory which in turn tightened market conditions, driving the average price to a new all-time record. 

"The MLS® HPI composite benchmark price on the other hand, declined from the previous month for the first time since early 2020. It is too soon to tell if these diverging trends in pricing are a harbinger of things to come or simply temporary relief for buyers in our region. We will certainly be closely monitoring indicators that may point to a shift in our local market conditions."

The overall MLS® HPI composite benchmark price was $599,900 in June 2021, which is up 45.2% from last year. 

The benchmark price for single-family homes was $617,700, up 44.9% on a year to year basis. 

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