Tillsonburg home sales surge to hit new November record

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

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Residential sales activity recorded through the MLS system for the Tillsonburg District numbered 71 units in November 2019.

This was a 42% jump from November 2018 and a new sales record for the month of November.

On a year-to-date basis, home sales totalled 691 units over the first 11 months of the year, edging down 1.4% (10 sales) from 2018.

“Home sales have been quite volatile over the past few months, going from a breakneck pace in September to a quiet October and now hitting a record for November,” said Dane Willson, President of the Tillsonburg District Real Estate Board, in a media release. “While much-needed new supply has been pretty steady since the summer, it’s possible a lot of the October listings came onto the market at the end of the month, which would explain the October lull in sales and the flurry of deals in November. The bottom line is that while demand remains very strong, an overall lack of supply is still a big issue for the local housing market.”

The average price of homes sold in November 2019 was $385,443, up 3.1% from November 2018.

The more comprehensive year-to-date average price was $396,235, rising 11.1% from the first 11 months of 2018.

The dollar value of all home sales in November 2019 was $27.4 million, a large 46.4% increase from the same month in 2018. This was a new record for the month of November by a margin of more than $8 million.

There were 77 new residential listings in November 2019, an increase of 26.2% on a year-over-year basis. This was the largest number of new listings added in the month of November in more than five years.

Even so, overall supply is still running near record lows. Active residential listings numbered just 164 units at the end of November, an increase of 11.6% from the end of November 2018 but still way below the same time in every other year on record.

Months of inventory numbered just 2.3 at the end of November 2019, down from the 2.9 months recorded at the end of November in 2018 and a record low 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.