Residential sales activity recorded through the MLS System of the Tillsonburg District Real Estate Board numbered 34 units in December 2016. This was a small decline of just two sales from December 2015.
On an annual basis home sales totalled 688 in 2016 - 24.6 per cent above 2015.
“The region has never even come close to how many homes were bought and sold in 2016, with the new annual record standing more than 20 per cent higher than the previous record set back in 2007,” said Gary Paret, President of the Tillsonburg District Real Estate Board.
“Demand remains very strong, but we’re starting 2017 with just a third as many properties for sale as we would have in an average year. In fact, sales have already been showing signs of slowing down for a few months now. That suggests the ever-growing shortage of supply in the region is finally starting to bite into sales.”
The average price of homes sold in December was $297,085, up 20.3 per cent from December 2015. The less volatile year-to-date average price was $249,883, up 6.5 per cent from 2015.
The dollar value of home sales in December 2016 was $10.1 million, rising 13.6 per cent from December 2015.
New residential listings numbered 22 units in December 2016, down 40.5 per cent from December 2015.
Overall supply is running at some of the lowest levels on record. Active residential listings on the Board’s MLS System numbered 103 units at the end of December, down 41.1 per cent from December 2015.
There were just three months of inventory at the end of December 2016. This was down from 4.9 months at the end of December 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.