WIDREB Reports More Decline in Home Sales for August

Thursday, 8 September 2022 11:44

By Brad Kraemer

Total homes sold so far this year equals 1,062, which is a substantial decline of 20.2 percent from the same period in 2021.

WOODSTOCK/INGERSOLL - The month of August showed no improvement in home sales after a bad July for the Woodstock-Ingersoll & District Real Estate Board (WIDREB).

The number of homes sold throughout the region totaled 98 units in August, which is a decline of 40.6 percent from August 2021. It's also 34.3 percent below the five-year average and 30.3 percent below the 10-year average.

Total homes sold so far this year equals 1,062, which is another substantial decline of 20.2 percent from the same period in 2021.

A number that saw an increase was the benchmark price for single-family homes. The price was up by 5.6 percent on a year-over-year basis in August at $698,600. The benchmark price for townhouse/row units increased even more to $547,700. They were 31.6 percent more expensive.

With prices for single-family homes and townhouses around $700,000 and $550,000 respectively, the average price of homes sold in August landed somewhere in the middle at $618,473. That's also a decline of 5.1 percent from last year.

There were 199 new residential listings in August 2022. That's a sizable gain of 25.2 percent from 2021. Active residential listings numbered 352 units on the market at the end of August, more than double the levels from a year earlier, rocketing up 252 percent from the end of August 2021.

Anthony Montanaro, President of the WIDREB gives his summary for the month of August.

"Like many other markets in Southern Ontario and the rest of the country, sales activity continues trending below typical levels for this time of year as past and future interest rate increases continue to weigh on the market. New listings are trending slightly above average and overall inventories are up from their near-zero levels since the end of 2021, but supply levels are still quite tight by historical standards. This is better news for potential buyers than it was several months ago, and our housing market still has room to absorb a further increase in available listings."