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Not the Best March for WITAAR

Friday, 5 April 2024 11:57

By Marcie Culbert @marcieculbert

WITAAR sold 148 units in March 2024, with the average home selling for $654,257

OXFORD COUNTY - The Woodstock Ingersoll Tillsonburg and Area Association of Realtors experienced a slight dip in home sales.

It sold 148 units last month, which is at 10.8 percent decrease compared to March 2023. It's also 27.4 percent below the five year average and 28.2 percent below the 10 year average for the month.

President Alison Porter says the number of new listings also fell short while the overall inventory of homes continued with the upward trend.

"Market conditions remained relatively stable as the typically active spring market got underway. Potential buyers seem to be adopting a cautious stance, possibly waiting for indications from the Bank of Canada on the likelihood of rate cuts in the coming months, a scenario that has been widely anticipated. If you are thinking about buying or selling a home, we recommend contacting a REALTOR® as they have a deep understanding of market trends and can provide strategic insights that enable you to make informed decisions.”

WITAAR added four new listings in March, bringing it's total of residential listings to 267.

The average home also sold for $654,257 last month, which is a 2.2 percent increase compared to the same time last year.

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