Home sales, new listings partially recover, still below average

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Residential sales activity recorded through the MLS system for the Tillsonburg District numbered 52 units in May 2020. This was down 26.8% from May 2019.

On a year-to-date basis, home sales totalled 241 units over the first five months of the year. This was a decrease of 15.1% from 2019.

“We are still a long way from a recovery to seasonal average numbers” said Dane Willson, President of the Tillsonburg District Real Estate Board in a media release. “However, the average price set a new record in May reflecting our continued lack of supply and we are starting to see signs of increased activity, as home sales and new listings improved from the lows we observed in April.”

The average price of homes sold in May 2020 was a record $454,666, up 4.4% from May 2019.

The more comprehensive year-to-date average price was $421,072, up 4.5% from the first five months of 2019.

The dollar value of all home sales in May 2020 was $23.6 million, falling 23.5% from the same month in 2019.

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There were 76 new residential listings in May 2020. This was down 24.8% on a year-over-year basis.

Overall supply is still running at record lows. Active residential listings numbered 136 units at the end of May. This was down 22.3% from the end of May 2019.

Months of inventory numbered 2.6 at the end of May 2020, up from the 2.5 months recorded at the end of May in 2019 and below the long-run average of 4.8 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.

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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