February home prices remained steady in the Woodstock, Ingersoll and Tillsonburg area, climbing back above the $600,000 mark after a slight dip in January.
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“Market conditions continue in balanced territory and with the traditionally busy spring season just around the corner, we’re looking forward to seeing how things unfold over the coming months,” said Alison Porter, president of the Woodstock Ingersoll Tillsonburg and Area Association of Realtors in a media release.
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The number of homes sold through the MLS System of the local association totaled 163 units in February 2024, a gain of 19.9 per cent from February 2023.
Home sales were 2.4 per cent below the five-year average and 6.5per cent above the 10-year average for February.
“MLS home sales continued to outperform their previous year totals for the fourth consecutive month in February, staying in line with what is typically expected for this time of year,” Porter said.
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“There was also a noticeable increase in the number of newly listed homes last month, boosting overall inventory and offering a larger pool of homes to meet the individual needs of buyers who have chosen to come off the sidelines.”
The number of new listings were up 17.9 per cent over February 2023. There were 250 new residential listings in this February – the largest number of new listings added in the month of February in more than a decade.
The average price of homes in the region sold in February 2024 was $647,460, up only 0.4 per cent from February 2023. The dollar value of all home sales in February 2024 was $105.5 million, an increase of 20.3 per cent over the same period last year .
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