Home sales in the Woodstock and Ingersoll region saw a steep decline in April for the lowest sales level since 2000.
Home sales in the region saw a steep decline in April, plunging to the lowest sales level in almost two decades.
The Woodstock-Ingersoll and District Real Estate Board reported a 50.7 per cent drop in sales from April 2019.
“Home sales and new listings both hit lows not seen in a long time due to both buyers and sellers doing their part and staying home to stop the spread of COVID-19,” Lesley Michie, the board’s president, said.
The local board reported 371 homes had been sold in the first four months of the year, a decrease of 12.5 per cent from the same period in 2019.
The average price of homes sold last month was $407,336, a slight dip of 3.8 per cent from April 2019. The average sale price for the first four months is $443,336, which remains a 10.5 per cent increase from the first four months of 2019.
New houses being put on the market were also hit hard – only 75 new homes were listed in the month – for a 61.9 per cent decline on a year-to-year basis.
The region’s overall supply remains at an all-time lows with only 152 units listed at the end of April.
“The market is still adjusting to the sudden shock to activity,” Michie said. “Realtors were deemed an essential service in the province to help their clients and have implemented new protocols to protect ensure health and safety measures are met, as well as adopted new technology to help clients market or view properties and fill out documents.”
The months of inventory, which is the number of months it takes to sell the current inventory at the current rate of sales, sat at 2.3 when April finished.
The total value of homes sold was $26.9 million, which was a 52.6 per cent drop from April 2019.
A total of 71 types of all property types was sold for a combined value of $35.2 million.