Tillsonburg home sales set new all-time record in June
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Residential sales activity recorded through the MLS System of the Tillsonburg District Real Estate Board numbered 85 units in June 2016. This was a gain of 44.1 per cent from June 2015.
On a year-to-date basis home sales totalled 359 over the first half of 2016. This was 44.8 per cent more than the number of transactions in the first half of 2015, and marked a record for the period.
“The last few months have been extremely volatile for home sales in the region, with April almost setting a record, followed by a somewhat disappointing May, and now an all-time record in June,” said Frank Catry, President of the Tillsonburg District Real Estate Board, in a media release.
“Overall supply remains at record lows, which continues to impact prices in the region. The average price so far this year is up almost 10 per cent over 2015.”
The average price of homes sold in June was $249,784, up 3.2 per cent from June 2015. The year-to-date average price was $246,076, up 9.6 per cent from the first half of 2015.
The dollar value of home sales in June 2016 was $21.2 million, jumping 48.7 per cent from year-ago levels. This was an all-time record and marked the first month volumes had ever surpassed $20 million.
New residential listings numbered 103 units in June 2016, up 5.1 per cent from the same month in 2015.
Overall supply is running at the lowest levels on record. Active residential listings on the Board’s MLS System numbered 175 units at the end of June, down 39.9 per cent from the same month in 2015.
There were 2.1 months of inventory at the end of June 2016. This was down from 4.9 months at the end of June 2015 and stood well below the long-run average for this time of the year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
Tillsonburg District Real Estate Board members provide professional real estate services to buyers and sellers of all types of property. Its members are part of the Ontario Real Estate Association and the Canadian Real Estate Association, and as such subscribe to a high standard of professional service and a strict Code of Ethics. Tillsonburg District Real Estate Board listings can be found on www.realtor.ca.