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WIDREB Reports Increase in New Listings

Tuesday, 7 June 2022 at 05:58

The Woodstock-Ingersoll and District Real Estate Board added 315 listings units last month, but it recorded only 156 sales.

WOODSTOCK/INGERSOLL - It was a big month for new listings for the Woodstock-Ingersoll and District Real Estate Board.

It added 315 new units last month. Board President Anthony Montanaro says this is the largest number of new listings for May in the past five years.

"New listings posted the second highest May on record, and this strength in supply returning to the market is something we’d like to continue seeing over the next several months. Overall inventories have just started to rise from their rock-bottom levels, but if current trends persist we may see a rebalancing of the market and an increase in overall supply levels to the point where potential buyers once again have a healthy choice of available listings."

That being said, the real estate board only sold 156 units last month. This is 7.1 percent below the five year average and 10.4 percent below the 10-year average for May.

The benchmark price for a single-family home was $814,600, which is an increase of 18-percent on a year-over-year basis. The benchmark price for a townhouse/row unit was $564,200. This is an increase of 39.5 percent when compared to May 2021.

The average home sold for $710,220, a 9.8 percent increase from last May.

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