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WITAAR Home Sales Returning to Pre-Pandemic Levels

Friday, 5 May 2023 07:15

By Marcie Culbert X @marcieculbert

Woodstock Ingersoll Tillsonburg and Area Association of Realtors saw an increase in home sales during the month of April.

WITAAR - It was a good month for the Woodstock Ingersoll Tillsonburg and Area Association of Realtors.

The board sold 215 units in April, which is a 16.8 percent increase compared to April 2022. It's also 9.7 percent above the five-year average and 4.4 percent above the 10-year average for the month.

President Anthony Montanaro says the board is starting to bounce back from the COVID-19 pandemic.

"Not only were MLS® home sales in April at the highest single month total in a year but they were also above both the five- and 10-year average for the month. With a 26% increase in sales from March and a staggering 125% increase since January, I think it is safe to say the 2023 spring market has been a welcome return to the norm,"

The average home sold for $660,217 last month, which is a decrease of 9.8 percent from the same time last year.

Montanaro says WITAAR also added 296 new residential listings, which is almost a 16 percent decrease compared to April 2022.

"The number of newly listed properties during April was right around what we would expect for this time of year. As listings return, we are seeing buyers that have been sidelined, due to either interest rates or the lack of available choice, swoop in quickly and snap up the most desirable properties. Although not a trend as of yet, market conditions in our region swung heavily in favour of sellers in April and pushed the average price to the highest level it has been since early summer 2022. Only time will tell if the recent influx of new listings will continue to entice both buyers and sellers back into the market."

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