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Home Prices Up

Tuesday, 8 April 2014 12:24

Local market sales activity still stabilizing after slow winter.

WOODSTOCK -- The average price of homes sold in March of this year for much of Oxford County was $233,705, up four percent from March of 2013.

New listings in the area were down 16 percent on a year-to-year basis, down to just 135 units sold last month.

"After having mounted a slight comeback in February, home sales in the Woodstock-Ingersoll area held more of less steady in March," according to William Cattle, President of the Woodstock-Ingersoll and District Real Estate Board.  "That said, activity hasn't yet climbed all the way back to where it was in the second half of last year," said Cattle.

The active supply of homes has been trending down since late 2008.  March showed 478 active residential listings on the Board's MLS System -- down 11 percent from the same month last year.

There were 5.4 months of Inventory at the end of March 2014, down from 5.8 months at the end of March 2013 and just below the long-run average for the Spring season.  The number of months of Inventory is the number of months it would take to sell current homes for sale at the current rate of sales activity.

The dollar value on all residential property sales totaled $20.8-million last month, down slightly -- about a half percent over levels recorded this time last year.

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