December home sales set records in Tillsonburg
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The number of homes sold in December 2020 through the MLS system of the Tillsonburg District Real Estate Board totalled 134 units, a record for the month of December.
This was an increase of 59.5 per cent from December 2019.
On an annual basis, home sales in the district totalled a record 1,864 units in 2020. That was an increase of 14.5 per cent from the same period in 2019.
“Sales remained incredibly strong right through the end of the year, setting a new record for the month of December by a mile,” said David Bennett, president of the Tillsonburg District Real Estate Board.
“Unsurprisingly, given the trajectory over the second half of 2020, we also set a new annual record.
“With new supply unable to keep pace with demand and overall inventories at record lows, there isn’t much evidence to suggest that a lot will change with market conditions in early 2021. A very tight market balance strongly in favour of sellers will likely continue to support double-digit price growth in the near future.”
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The MLS Home Price Index (HPI) tracks price trends more accurately than is possible using average or median price measures. The overall MLS HPI composite/single-family benchmark price was $430,300, rising 27.9 per cent in December 2020 compared to December 2019.
The dollar value of all home sales in December 2020 was $65.6 million, an increase of 82 per cent from the same month in 2019. This was also a new record for the month of December.
There were 94 new residential listings in December 2020. This was a large increase of 42.4 per cent from the end of December 2019. This was the largest number of new listings added in the month of December in five years.
Active residential listings numbered 125 units at the end of December. This was a decline of 55.8 per cent from the end of December 2019. Active listings haven’t been this low in the month of December in more than three decades.
Months of inventory numbered 0.9 at the end of December 2020, down from the 3.4 months recorded at the end of December 2019 and below the long-run average of 6.1 months for this time of 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.