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Local Real Estate Prices Continue to Sky Rocket

Tuesday, 18 May 2021 05:49

The Woodstock-Ingersoll & District Real Estate Board says 190 units were sold last month and the benchmark price of a single family home was $611,100.

WOODSTOCK/INGERSOLL - Real estate prices continue to sky rocket locally according to the latest data from the Woodstock-Ingersoll & District Real Estate Board.

The overall MLS® HPI composite benchmark price was $588,500 in April 2021, this is up 50.7% compared to April 2020. The benchmark price for a single family home last month was $611,100, which is up 52.1% from April of last year.

The number of units sold last month was 190, which is up 143.6% from April of last year. A total of 596 units have been sold since the start of the year, which is up 35.1% from the first three months of 2020. 

President of the Woodstock-Ingersoll & District Real Estate Board Alison Porter says activity came in just three sales shy of tying the April record set in 2017. 

"The outsized gain this April is as much a story about the market hitting bottom last year as it is about the current unprecedented strength in demand."

Porter says we're finally beginning to see a healthy dose of new supply coming onto the market, which has reversed our foray deeper into seller's market territory. 

"Make no mistake though, with just a little more than 100 listings available on the market at the end of April and benchmark prices skyrocketing by 50% compared to last year we are still experiencing some of the tightest market conditions on record."

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