Tillsonburg home sales achieved a November record as local supply shrinks further.
Residential sales activity recorded through the MLS System of the Tillsonburg District Real Estate Board numbered 52 units in November 2016. This was an increase of 10.6 per cent from November 2015.
On a year-to-date basis home sales totalled 654 over the first 11 months of 2016. This was 26.7 per cent more than the number of transactions in the same period of 2015.
“As with October, November sales again mirrored activity for the year as a whole, standing head and shoulders above all other years on record,” said Frank Catry, President of the Tillsonburg District Real Estate Board. “In fact, as of about mid-October homes sales in the region had already set a new annual record for 2016.”
The average price of homes sold in November was $237,337, down 3.9 per cent from November 2015; however, the less volatile year-to-date average price was $247,429, up 5.9 per cent from the first 11 months of 2015.
The dollar value of home sales in November 2016 was $12.3 million, rising 6.4 per cent from year-ago levels. This marked the highest month of November on record.
New residential listings numbered 55 units in November 2016, down 1.8 per cent from the same month in 2015.
Overall supply is running at some of the lowest levels on record. Active residential listings on the Board’s MLS System numbered 140 units at the end of November, down 33.6 per cent from the same month in 2015.
There were just 2.7 months of inventory at the end of November 2016. This was down from 4.5 months at the end of November 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.
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