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Sales Increasing

Tuesday, 17 June 2014 at 06:38

It looks like the local real estate market is starting to rebound after a slow start this year.

WOODSTOCK -- Local home sales are continuing to climb.

The Woodstock-Ingersoll & District Real Estate Board say 138 units were sold in May 2014 which is an 11 per cent increase from a year earlier.

New listings were also on the rise, one per cent on a year-over-year basis to 215 units last month.

According to the release, the active supply has been trending downward since late 2008 with 524 active residential listing on the Board's MLS System at the end of May this year, which is down 7 per cent from levels at the end of May 2013.

Board President William Cattle said "with sales outpacing available supply in recent months the market has become tighter.  The average selling price also set a new all-time record in May" at $252,975, 2.6 per cent increase from May 2013.

"May offered further evidence that the weak sales figures we saw at the beginning of the year simply reflected deferred activity due to the weather and that's resulting in very strong sales now."

The sales of all property types came in at 139 units, up 9 per cent from this time last year.

The dollar value of all residential property sales amounted to $34.9 million with all property sales coming in at $37 million, up 14 per cent and 18 per cent respectively.

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