Residential sales activity recorded through the MLS® System of the Woodstock-Ingersoll and District Real Estate Board numbered 114 units in October 2015, up 2.7 per cent from October last year.
On a year-to-date basis, home sales totaled 1,179 units over the first 10 months of the year, up 15.1 per cent from the same period in 2014. This was the second best figure for the period on record, the record having been set a decade before.
“Home sales dipped unexpectedly in September after months of historically strong activity, but it looks like that was just a blip in an otherwise very strong year because activity roared right back in October to reach the second best level ever for the month,” said William Cattle, President of the Woodstock-Ingersoll & District Real Estate Board. “With the number of homes for sale having taken another step down in recent months, sellers are more in the driver’s seat right now than at any other time in the last decade.”
The average price of homes sold in October 2015 was $262,303, up 15.8 per cent from last October’s low reading. The less volatile year-to-date average sale price was $249,126, an increase of 3.5 per cent from the same period in 2014.
New listings declined 20.8 per cent on a year-over-year basis to 126 units in October 2015. This was the lowest level for the month since the year 2000.
Active supply has generally been trending downward since late 2008. There were 362 active residential listings on the Board’s MLS® System at the end of October 2015, down 25.1 per cent from levels at the end of October 2014.
There were 3.2 months of inventory at the end of October 2015, down from 4.4 months at the end of October 2014 and 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 $29.9 million in October 2015, rising 18.9 per cent from a year earlier. This was a record for the month of October.
Sales of all property types numbered 116 units in October, down 4.9 per cent from the same month in 2014. The total value of all properties sold was $31.2 million, edging up 0.8 per cent from October 2014.