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Tillsonburg home sales cool off in July

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Residential sales activity recorded through the MLS System of the Tillsonburg District Real Estate Board numbered 53 units in July 2016. This was a decline of 22.1 per cent from July 2015.

On a year-to-date basis, home sales totalled 412 over the first seven months of 2016. This was 30.4 per cent more than the number of transactions in the first seven months of 2015 and marked a record for the period.

“The volatility for home sales in the region over the last few months continued in July, with lower sales activity following on the heels of June’s all-time record,” said Frank Catry, President of the Tillsonburg District Real Estate Board. “Overall supply remains at record lows, which continues to impact prices in the region and may also be the reason sales are fluctuating so much. The average price so far this year is up almost nine per cent over 2015.”

The average price of homes sold in July was $256,174, up 7.8 per cent from July 2015. The year-to-date average price was $247,375, up 8.8 per cent from the first seven months of 2015.

The dollar value of home sales in July 2016 was $13.6 million, down 16 per cent from year-ago levels.

New residential listings numbered 69 units in July 2016, up 27.4 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 169 units at the end of July, down 41.1 per cent from the same month in 2015.

There were 3.2 months of inventory at the end of July 2016. This was down from 4.2 months at the end of July 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.

The 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

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