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Home Sales Slow this Spring

Tuesday, 19 June 2012 07:34

It's a surprisingly slow spring on the local housing market. Only 93 homes were sold in May, marking an 11% drop from May of last year. That followed up a sluggish April, and real estate officials are hoping that means pent up demand will be unleashed this summer. President of the Woodstock, Ingersoll and District Real Estate Board, Laurie Goldhawk says they'll be watching the data closely in the months ahead. The average price of homes sold continues to rise. Last month the average sale price was $224-thousand, up 6% from last year. Higher end homes continue to move on the market, over one-third of all sales last month eclipsed the $250,000 mark. But for those looking to buy, inventory is down this year. Only 166 new properties were listed in May, a 25% drop from May 2011.

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