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New Listings Up but Home Sales Down for WITAAR

Tuesday, 13 August 2024 06:16

By Marcie Culbert X @marcieculbert

WITAAR sold 139 units last in July, but it also had 338 new residential listings.

OXFORD COUNTY - It looks like lots of people are looking to sell their homes, but not a lot of are looking to buy.

The Woodstock Ingersoll Tillsonburg and Area Association of Realtors sold 139 units last month. This is a decrease of 6.1 percent (nine sales) compared to last July. It's also 23.5% below the five-year average and 27.2% below the 10-year average for the month.

On the other hand, the real estate board also had 338 new residential listings last month. This is a 13.4 percent increase compared to the same time last year and it's also the largest we've seen in July for the past 15 years.

If you're thinking about buying a new home, WITAAR President Alison Porter says now it the time to do so.

"Average prices remained stable in July but were down marginally from the same period in 2023. In summary, demand for MLS® listed homes in our region is well below the seasonal average and with listings starting to pile up, market conditions are heavily tilted in favour of buyers. This is a prime opportunity for savvy buyers to find great deals; we recommend reaching out to a local REALTOR® to help find the home of your dreams.""

The average home sold for $658,627 which is a small decrease of 3.5 percent from July 2023.

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