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Homes sales continue to increase with low supply

The Oxford region continued to see a record low supply of housing as realtors posted an average September in Woodstock and Ingersoll.

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The Oxford region continued to see a record low supply of housing inventory while realtors posted an average September in Woodstock and Ingersoll.

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September saw 110 homes sold by realtors, according to statistics from the Woodstock and Ingersoll Real Estate Board.

This was a 3.5 per cent dip from September 2018 but brought the overall total of homes sales in 2019 to 1,119, which is up 6.6 per cent from the same time last year.

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“Home sales edged down a bit on a year-over-year basis in September, as buyers in our region continue to face a historical shortage of properties for sale,” Neil Krushel, president of the Woodstock-Ingersoll & District Real Estate Board, said.

There were 143 new residential listings in September – a decrease of 10.6 per cent from September 2018 and the lowest level for the month in the past 16 years.

The real estate board said the overall supply in the region is at an all-time low, with only 244 residential units listed at the end of September for a decrease of 21.8 per cent from 2018.

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This low inventory contributed to the increase in average price of sold units, which reached $405,110 – an 8.2 per cent bump from the same time in 2018 and a slight hike from the $404,712 at the end of August.

“That imbalance between supply and demand has prices on track for a fourth consecutive sizeable annual gain this year,” Krushel said.

Homes in September sold for an average of $409,092, a six per cent increase over the same period last year. Residential sales for the month totalled $45 million, another a new record for September.

The months of inventory for homes was 2.2, a slight uptick from the 2.1 in August. The months of inventory represent the amount of time it would take to sell the homes available at the current rate of sales activity.

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