Tillsonburg home sales post strong finish to 2019
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Residential sales activity recorded through the MLS system for the Tillsonburg District numbered 44 units in December 2019.
This was a 69.2% jump from the low in December 2018 and was one of the best December sales figures on record.
On an annual basis, home sales totalled 735 units over the course of 2019, up 1.1% (eight sales) from 2018.
“Despite quite a bit of volatility this year, September, November and now December were all very strong months for home sales, so we’ve got a good handoff heading into 2020,” said Dane Willson, President of the Tillsonburg District Real Estate Board in a media release. “Demand isn’t really the issue, but rather supply. With inventories at record lows, new listings are driving the bus when it comes to how many homes are going to sell in a given month. Let’s hope the recent trend of stronger new supply will continue heading into this year’s important spring market.”
The average price of homes sold in December 2019 was $434,450, edging up 0.8% from December 2018.
The more comprehensive annual average price was $398,522, rising 10.9% from all of 2018.
The dollar value of all home sales in December 2019 was $19.1 million, a very large 70.6% increase from the same month in 2018. This was by far the highest-ever dollar value of December sales.
There were 35 new residential listings in December 2019, an increase of 16.7% (five listings) on a year-over-year basis.
Overall supply is still running near record lows. Active residential listings numbered just 129 units at the end of December, up 6.6% (eight listings) from the end of December 2018 but below every other year going back to the late 1980s.
Months of inventory numbered only 2.9 at the end of December 2019, down from the 4.7 months recorded at the end of December in 2018 and below the 10-year average of 7.4 months 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 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.
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