Tillsonburg district home sales set new February record
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The number of homes sold through the MLS System of the Tillsonburg District Real Estate Board in February was a new sales record for the month.
The 122 units sold in February was a gain of 10.9 per cent (12 sales) from February 2021.
Home sales were 35.9 per cent above the five-year average and 37.7 per cent above the 10-year average for the month.
On a year-to-date basis, home sales totalled 201 units over the first two months of the year. This was down modestly by 3.8 per cent (eight sales) from the same period in 2021.
“Demand for MLS home sales in February continued at well above average levels for this time of year,” said Bryan Wiltshire, president of the Tillsonburg District Real Estate Board in a media release.
“We saw an infusion of newly listed properties last month which provided buyers with a larger selection of potential homes to choose from. Although new listings were above average during the month, overall inventory remains critically low, which is in part keeping prices elevated. The MLS HPI composite benchmark price set yet another new all-time high, crossing the $600K mark for the first time. With current market conditions expected to remain for the foreseeable future, we foresee that the historically busy spring season will continue to exert upward pressure on prices.”
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 $609,600 in February 2022, a gain of 28.2 per cent compared to February 2021.
The average price of homes sold in February was $769,138, a 31.4 per cent from February 2021.
The more comprehensive year-to-date average price was $789,929, a jump of 36.3 per cent from the first two months of 2021.
The dollar value of all home sales in February 2022 was $93.8 million, a 45.8 per cent gain from the same month in 2021. This was also a new record for the month.
The number of new listings saw an advance of 36.5 per cent from February 2021. There were 157 new residential listings in February 2022. This was the largest number of new listings added in the month of February in more than five years.
New listings were 26.8 per cent above the five-year average and 19.4 per cent above the 10-year average for the month of February.
Active residential listings numbered 83 units on the market at the end of February, up by 12.2% (nine listings) from the end of February 2021.
Active listings were 56.7 per cent below the five-year average and 76.5 per cent below the 10-year average for the month of February.
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