Residential sales activity recorded through the MLS® System of the Woodstock-Ingersoll and District Real Estate Board numbered 107 units in September 2015, down 9.3 per cent from September last year.
On a year-to-date basis, home sales totalled 1,065 over the first three quarters of the year, up 16.6 per cent from the same period in 2014. This was the best figure for the period in a decade and the second best on record.
“September was a little quieter than we’ve been used to this year, although sales still managed to match the 10-year average for the month,” said William Cattle, President of the Woodstock-Ingersoll & District Real Estate Board. “Supply is running at a decade low, so market conditions are historically tight. That has been particularly true over the last three months, and that lines up with some stronger average price growth in late summer and early fall.”
The average price of homes sold in September 2015 was a record $267,266, up 6.4 per cent from a year earlier. The year-to-date average sale price was $247,716, an increase of 2.2 per cent from the same period in 2014. “Although we saw a record sale average this month it is important to note that we saw an increase in the number of higher end homes sell in September, which is responsible for the sharp increase in sales price averages this month,” noted President Cattle.
New listings declined 10.7 per cent on a year-over-year basis to 158 units in September 2015.
Active supply has generally been trending downward since late 2008. There were 399 active residential listings on the Board’s MLS® System at the end of September 2015, down 23.1 per cent from levels at the end of September 2014.
There were 3.7 months of inventory at the end of September 2015, down from 4.4 months at the end of September 2014 and well below the long-run average 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 dollar value of all residential property sales amounted to $28.6 million in September 2015, down 3.5 per cent from the record September dollar volume a year earlier. Sales of all property types numbered 114 units in September, down 7.3 per cent from the same month in 2014. The total value of all properties sold was $30.7 million, a decrease of 3.2 per cent from September 2014.