There have been significant changes in the Oxford County residential real estate market since January 2022, but little has changed in the past month.
“MLS home sales started off 2023 at a below-average pace in January,” said Anthony Montanaro, president of the Woodstock Ingersoll Tillsonburg and Area Association of Realtors (WITAAR), in a media release.
“However, a larger than expected number of newly listed properties may draw out prospective buyers as there is now a wider selection of homes to choose from.”
Sales were weaker and listings were stronger than expected in January, he said, and overall inventory fell for the fourth straight month. As a result, the region maintained market balance.
“It is reasonable to expect our local market will remain subdued for the foreseeable future,” said Montanaro.
The number of homes sold through the MLS system of WITAAR totaled 95 units in January, down 33.6 per cent from January 2022. The average price of homes sold in January was $618,882, down 21.2 per cent from one year ago.
The number of new residential listings (226) rose 38.7 per cent from January 2022. It was the largest number of new listings added in the month of January in more than five years.
Active residential listings (405) leaped 532 per cent from the end of January 2022, another five-year high.
The Woodstock Ingersoll Tillsonburg and Area Association of Realtors operates the Multiple Listing Service (MLS) in the region. WITAAR Realtors, real estate professionals, are members of the Canadian Real Estate Association, and as such subscribe to a high standard of professional service and a strict code of ethics.