Tillsonburg home sales smash previous April record
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Residential sales activity recorded through the MLS System of the Tillsonburg District Real Estate Board numbered 76 units in April 2016. This was an increase of 28.8 per cent from April 2015.
On a year-to-date basis home sales totalled 220 over the first four months of 2016. This was 67.9 per cent more than the number of transactions in the first four months of 2015. This was also just the second time in history sales had surpassed 200 units in the first four months of any year.
“The market is currently the busiest it’s ever been, with record high demand and prices amid record low supply,” said Frank Catry, President of the Tillsonburg District Real Estate Board in a media release. “Where things go from here will largely be a function of how many new listings we see coming onto the market in the months ahead.”
The average price of homes sold in April was a record $258,874, up 18.4 per cent from April 2015. The year-to-date average price was $248,448, up 12.7 per cent from the first four months of 2015.
The dollar value of home sales in April 2016 was $19.7 million, rising 52.6 per cent from year-ago levels. This was a new all-time record for any month and the first April to reach more than $15 million.
New residential listings numbered 75 units in April 2016, down 38.5 per cent from the same month in 2015. This was the lowest April reading in a decade.
Overall supply is running at the lowest levels on record. Active residential listings on the Board’s MLS System numbered 161 units at the end of April, down 42.5 per cent from the same month in 2015.
There were a record low 2.1 months of inventory at the end of April 2016. This was down from 4.7 months at the end of April 2015 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.
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.