Tillsonburg home sales post strong March activity
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The number of homes sold through the MLS System of the Tillsonburg District Real Estate Board totalled 162 units in March 2022. This was down by nine per cent from March 2021.
Home sales were 20.5 per cent above the five-year average and 32 per cent above the 10-year average for the month of March.
“The spring market is off to a solid start this year,” said Bryan Wiltshire, President of the Tillsonburg District Real Estate Board in a media release.
“MLS home sales started to pick up steam in March, due in part to the number of newly listed properties during the month,” said Wiltshire.
On a year-to-date basis, home sales totalled 363 units over the first three months of the year. This was a decrease of 6.2 per cent from the same period in 2021.
“The number of new listings was well above average for this time of year, which helped to further stabilize overall inventory. Although up from the same month last year, active listings at the end of the month were still unsustainably low and as a result the market conditions in our region are still heavily tilted in favour of sellers. Consequently, the MLS HPI Composite Benchmark Price and the average price of homes in the Tillsonburg area continue to experience year-over-year price gains in the high 20 per cent range.”
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 $637,800 in March 2022, a sizable gain of 28.6 per cent compared to March 2021.
The average price of homes sold in March 2022 was $768,306, advancing 27.9 per cent from March 2021.
The dollar value of all home sales in March 2022 was $124.5 million, a gain of 16.4 per cent from the same month in 2021. This was a new record for the month of March and was also the largest dollar value of homes sold for any month in history.
The number of new listings was nearly unchanged, down only 0.5 per cent (one listing) from March 2021. There were 217 new residential listings in March 2022.
New listings were 15.4 per cent above the five-year average and 14.2 per cent above the 10-year average for the month of March.
Active residential listings numbered 119 units on the market at the end of March, an increase of 14.4% (15 listings) from the end of March 2021.
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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