WIDREB Home Sales Has Worst July in Decades

Tuesday, 9 August 2022 05:46

By Brad Kraemer

The Woodstock-Ingersoll & District sold only 87 units last month, which is a 47.6 percent decrease from July 2021.

WOODSTOCK/INGERSOLL - It's been a bad July for the Woodstock-Ingersoll & District Real Estate Board.

Total home sales in the region equaled only 87 units for the month, which was a decline of 47.6 percent from last year and 41.3 percent below the 10-year average. In fact, it has been a down year all together, with over 150 fewer homes sold in the same period in 2021.

However, despite fewer homes being sold, the number of new listings saw a sizable gain. There were 234 new residential listings this July, which was the largest number of new listings added in the month of July in more than a decade.

This led to 362 active residential listings on the market at the end of July, rocketing up 166.2 percent from the end of July 2021.

The benchmark price of homes has also increased to $712,400, which is almost 10 percent higher than last July. The price of single-family homes did increase, but a much bigger increase of 32.2 percent was seen in townhouse/row units.

The average home sold for $669,986 last month. This is a 7 percent increase when compared to July 2021.

Anthony Montanaro, President of the Woodstock-Ingersoll & District Real Estate Board speaks to these numbers.

"Sales activity was down to the lowest July reading since 2001 as rapidly rising mortgage rates have crimped buyer affordability and sellers have been slower to adjust their pricing expectations in this new environment. New listings are surging at the moment, but a lack of sales to accompany that new supply means there is still a divide between what buyers can afford and the perceived discount sellers are willing to offer on their home. In time, these two will reach an equilibrium and we will see activity begin to pick up again, but in the near term, especially with a few more rate hikes on the horizon, we expect sales to remain subdued as prices continue moderating through the remainder of the year."