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WITAAR Records Above Average Home Sales for May

Thursday, 8 June 2023 07:13

By Kayla Kreutzberg

The Woodstock Ingersoll Tillsonburg & Area Association of Realtors saw an increase in home sales during the month of May.

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

The board sold 235 units in May, which is an increase of 9.8 percent from May 2022. Home sales were 4.9% above the five-year average and 3.6% above the 10-year average for the month of May.

President Anthony Montanaro says home sales recorded their second consecutive year-over-year gain, posting the fourth best level for May. 

"The incredible strength in demand these past two months has run counter to the trend of declining new supply, which is restricting sales activity in many other markets in Southern Ontario. As it stands now in our local market, overall inventories are once again racing back down to historical lows as inventories getting absorbed are not being replenished at a pace nearly fast enough to keep up with demand. As a result, the market balance has been pushed deep into seller’s territory and price levels are surging, which may hopefully be the signal that would-be sellers were waiting for before returning to the market."

The average price of homes sold in May 2023 was $703,247, increasing by 1.7% from May 2022.

The more comprehensive year-to-date average price was $659,356, a decrease of 14.1% from the first five months of 2022.

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