Residential sales activity recorded through the MLS System of the Tillsonburg District Real Estate Board numbered 66 units in September 2016. This was an increase of 43.5 per cent from September 2015.
On a year-to-date basis home sales totaled 539 over the first three quarters of 2016. This was 28.9 per cent more than the number of transactions in the same period of 2015 and is on pace to be the best year on record.
“September marked the fourth time so far this year that home monthly sales have set a new record for their respective month, and as a result activity is easily on track to set a new annual record,” said Frank Catry, President of the Tillsonburg District Real Estate Board, in a media release. “Meanwhile, active supply remains at an all-time low which continues to put upward pressure on prices in the region.”
The average price of homes sold in September was $258,830, up 11.9 per cent from September 2015. The less volatile year-to-date average price was $247,797, up seven per cent from the first nine months of 2015.
The dollar value of home sales in September 2016 was $17.1 million, surging 60.6 per cent from year-ago levels. This was the first time that the dollar volume of sales in the month of September had surpassed the $12 million mark.
New residential listings numbered 78 units in September 2016, rising 18.2 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 161 units at the end of September, down 37.6 per cent from the same month in 2015.
There were 2.4 months of inventory at the end of September 2016. This was down from 5.6 months at the end of September 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 at www.realtor.ca.