Tillsonburg home sales tapering during COVID-19 pandemic

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Residential sales activity recorded through the MLS system for the Tillsonburg District numbered 63 units in March 2020. This was up 8.6% (five sales) from March 2019 and was in line with the 10-year average for the month.

On a year-to-date basis, home sales totalled 151 units over the first three months of the year, an increase of 14.4% from 2019.

“Home sales were up year-over-year for the month of March as a whole, but drilling into the numbers you can see pretty clearly that things were tapering off over the second half of the month, which is the opposite of what would normally be happening at this time of the year,” said Dane Willson, President of the Tillsonburg District Real Estate Board in a media release.

“Like many other parts of the province and Canada, new listings were also down over that period, suggesting both buyers and sellers who don’t need to be in the market right now are putting their plans on hold.”

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The average price of homes sold in March 2020 was $436,890, rising 18.2% from March 2019.

The more comprehensive year-to-date average price was $420,303, up 10.4% from the first three months of 2019.

The dollar value of all home sales in March 2020 was $27.5 million, rising 28.4% from the same month in 2019 to hit the second highest value on record for the month after 2017.

There were 79 new residential listings in March 2020. This was down 8.1% (seven listings) on a year-over-year basis.

Overall supply is still running at record lows. Active residential listings numbered 151 units at the end of March, falling 4.4% (seven listings) from the end of March 2019.

Months of inventory numbered only 2.4 at the end of March 2020, down from the 2.7 months recorded at the end of March 2019 and below the 10-year average of 5.4 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.

TDREB

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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