A total of 218 homes sold last month in the Woodstock-Ingersoll and District Real Estate Board and the price of homes continue to sky rocket on a year over year basis.
The Woodstock-Ingersoll and District Real Estate home sales posted the second highest month ever in may.
A total of 218 units closed last month, more than double the levels from a year earlier. Home sales were 15.2% above the five-year average and 28.2% above the 10-year average for the month of May.
President Alison Porter says what a difference a year makes.
"Last year at this time our industry was just starting to explore ways to adapt and survive the initial province wide lockdowns. Trying to adopt new technologies and protocols in order to safely conduct business. Fast forward a year and our local real estate market is not only surviving, it is thriving."
Porter says it was nearly a record setting month.
"MLS® home sales in May jumped to the second highest level ever, surpassed only by the all-time record set back in May 2017. New listings grew for the fifth consecutive month, and although still hovering at very low levels, overall inventory appears to be slowly moving towards more sustainable levels. Active listings have more than doubled from where they were only a few short months ago to the highest level we have seen in 8 months. Strong demand continues to keep prices near record levels and the HPI composite benchmark price for our region extended its streak of year over year double-digit monthly percentage increases to 17 months in May."
The price of homes remains incredibly high. The benchmark price for single-family homes was $627,000 last month, up
of 55.7% on a year-over-year basis in May.
By comparison, the benchmark price for townhouse/row units was $371,000, a jump of 46.3% compared to a year earlier.
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