WITAAR Confirm Home Sales Remain Low

Wednesday, 12 October 2022 05:32

By Brad Kraemer

The Woodstock Ingersoll Tillsonburg & Area Association of REALTORS say despite new listing surging, home sales remain low after a few down months in a row.

OXFORD - Home sales stay below average in the month of September.

Woodstock-Ingersoll & District Real Estate Board have renamed themselves as the Woodstock Ingersoll Tillsonburg & Area Association of REALTORS and they say despite new listing surging, home sales remain low after a few down months in a row.

There were 244 new listings, which is 32% more than September of last year and over 20% more than the five-year and 10-year averages. It is the largest number of new listings added in the month of September in more than a decade.

The number of homes sold through the MLS System totaled 89 units in September 2022, which was a sharp decrease of 41% from September 2021.

The five and 10-year average for the month of September again really illustrates the decline, as sales this past month were 35% and 33% below those respective averages. Sales are also down 22% on a year-to-date basis.

The MLS Home Price Index composite benchmark price was around the same this year as it was last year at $657,600, only a 0.4% increase.

Lastly, the total dollar value of all home sales in September 2022 was just shy of $60 million, which again is a substantial reduction of 42% from the same month in 2021.

The president of the newly formed Woodstock Ingersoll Tillsonburg & Area Association of REALTORS Anthony Montanaro says home sales activity came in well below average levels for this time of year, as expected, and it will likely continue until interest rates stabilize and the market has had time to absorb the impact of these higher rates.

"It’s a welcome sight to see new listings returning with such strength, indicating that sellers have not withdrawn from the market. This is bringing back some much-needed supply after the extreme shortage we experienced over most of 2020 and 2021 and will ensure that home buyers have ample choice when they decide to move off the sidelines again."