Tillsonburg home sales set new December record

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Residential sales activity recorded through the MLS System of the Tillsonburg District Real Estate Board numbered 36 units in December 2015. This was an increase of 56.5 per cent from the same month in 2014 and a new record for December home sales.

Home sales activity totalled 552 units over all of 2015. This was seven per cent above 2014 and also stood above every other year since 2007.

“2015 was the second best year on record for the local housing market, and December’s sales record suggests that momentum will continue in 2016,” said Frank Catry, President of the Tillsonburg District Real Estate Board. “It was also a record year for home prices, and given that we just ended the year with fewer than 200 homes listed for sale, competition between buyers will likely only intensify going forward.”

The average price of homes sold in December was $247,011, up 38.6 per cent from December 2014. The less volatile annual average price was $234,592 in 2015, up 7.3 per cent from 2014.

The dollar value of home sales in December 2015 was $8.9 million, more than double levels from a year earlier and a record for the month.

New residential listings numbered 37 units in December 2015, up 8.8 per cent from the same month in 2014.

Overall supply is running at the lowest levels on record. Active residential listings on the Board’s MLS System numbered 175 units at the end of December, down 24.9 per cent from the same month in 2014.

There were 4.9 months of inventory at the end of December 2015. This was down from 10.1 months at the end of December 2014 and stood well below the long-run average for this time of the 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.

Tillsonburg District Real Estate Board members provide professional real estate brokerage 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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