Tillsonburg home sales post second best May on record

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Residential sales activity recorded through the MLS System of the Tillsonburg District Real Estate Board numbered 69 units in May 2017.

This was the highest sales figure for the month of May since 2008 and the second highest ever.

Year-to-date sales numbered 260 units over the first five months of 2017, down 5.1 per cent from the record first five months of 2016 but still near the top of history for the period.

“So far 2017 looks to be a repeat of 2016 as far as the level of housing demand in the region goes,” said Gary Paret, President of the Tillsonburg District Real Estate Board, in a media release.

“What has changed is that there are even fewer homes for sale this year by a large margin over one year ago, so prices are rising even faster than they were last year.”

The average price of homes sold in May 2017 was a record $342,109, up 48.4% from May 2016. The year-to-date average price was $304,541, jumping 24.3% from the first five months of 2016.

The dollar value of all home sales in May 2017 was a record $23.6 million, skyrocketing 89.6% from May 2016.

New residential listings numbered 98 units in May 2017, up 5.4% from May 2016.

Overall supply is running near record low levels. Active residential listings on the Board’s MLS System numbered just 99 units at the end of May, down 43.1% from May 2016.

There were just 1.4 months of inventory at the end of May 2017. This was down from 3.2 months at the end of May 2016 and marked the lowest May reading on record. 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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