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Supply Remains at Historic Lows for Home Sales in the Region

Thursday, 7 November 2019 at 13:18

Home sales were solid in October, however the market is still dealing with historic lows in the Woodstock Ingersoll and District Real Estate Board market.

WOODSTOCK/INGERSOLL - The Woodstock Ingersoll and District Real Estate Board recorded 130 residential home sales in October. 

That number is up 4% from October 2018. Year to year, home sales have totalled 1,249 units for the first 10 months of 2019, up 6.3% from the this period last year. President Neil Krushel says they are still dealing with a supply issue. 

"Home sales were solid in October, standing among the better sales figures on record for that month. The issue heading into 2020 is going to be the worsening lack of supply in the region. The imbalance between supply and demand has prices on track for a fourth consecutive sizeable annual gain this year." 

The average price of homes sold in October was $423,019, up 13.% from October 2018. Overall the price of home sales are up 8.8% so far in 2019. 

There were 162 new residential listings in October 2019. This was a decrease of 13.8% on a year-over-year basis.

Overall supply is at record lows. Active residential listings numbered just 233 units at the end of October, a large 30% decline from the end of October 2018.

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