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New Residential Listings Skyrocket in January

Tuesday, 7 February 2023 10:48

By Marcie Culbert @marcieculbert

The Woodstock Ingersoll Tillsonburg & Area Association of Realtors added 226 new residential listings in the month of January, bringing the total number of active listings to 405.

OXFORD COUNTY - It was another below-average month for home sales within the Woodstock Ingersoll Tillsonburg & Area Association of Realtors.

President Anthony Montanaro says it was a great month for new listings but a not-so-great month for home sales.

"MLS® home sales started off 2023 at a below-average pace in January. However, a larger than expected number of newly listed properties may draw out prospective buyers as there is now a wider selection of homes to choose from. Although sales were weaker and listings were stronger than expected during the period, overall inventory fell for the fourth straight month. As a result, market balance remained little changed from last month, with our region remaining in balanced territory. It is reasonable to expect our local market will remain subdued for the foreseeable future."

WITAAR added 226 new residential listings last month, which was a 38.7 percent increase compared to last January. It had a total of 405 active listings at the end of the month, which was almost double the amount listed at the end of January 2022.

The local real estate board also sold 95 units last month; a 33.6 percent decline compared to the year before. It's also 23.9 percent below the five-year average and 16.4 percent below the 10-year average.

The average home sold for $618,882. This is a decline of 21.1 percent compared to January 2022.

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