Home sales rebound in Tillsonburg

Contributed photo (Tillsonburg District Real Estate Board/Andy Dean Photography) Andy Dean Photography

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Tillsonburg home sales rebounded to above average levels for June and set a new price record – the largest dollar value of homes sold for any month in history in the Tillsonburg District.

Residential sales activity recorded through the MLS system for the Tillsonburg District numbered 82 units in June 2020. This was an increase of 15.5% (11 sales) from June 2019.

On a year-to-date basis, home sales totalled 323 units over the first six months of the year. This was down 9% from 2019.

“Home sales were back up to levels slightly above average for this time of year, marking a very rapid and considerable recovery from where activity stood over the previous two months,” said Dane Willson, President of the Tillsonburg District Real Estate Board in a media release.

“With a healthy rebound in new listings supplying the market with available inventory, the pent-up demand took those listings off the market and then some. With our housing market now firmly into seller’s territory it’s no surprise that average price levels posted a new record in June.”

The average price of homes sold in June 2020 was a record $491,953, up by 34.1% from June 2019.

The more comprehensive year-to-date average price was $439,066, rising 10.9% from the first six months of 2019.

The dollar value of all home sales in June 2020 was $40.3 million, a large increase of 54.9% from the same month in 2019. This was a new record for the month of June and was also the largest dollar value of homes sold for any month in history.

There were 104 new residential listings in June 2020. This was a significant move to the upside of 30% on a year-over-year basis.

Overall supply is still running at record lows. Active residential listings numbered 140 units at the end of June. This was a decrease of 16.7% from the end of June 2019.

Months of inventory numbered 1.7 at the end of June 2020, down from the 2.4 months recorded at the end of June in 2019 and below the long-run average of 4.7 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.

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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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