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WITAAR Releases August Numbers

Tuesday, 10 September 2024 05:50

By Marcie Culbert X @marcieculbert

The was a decline in home sales compared to August 2023, but the average home price didn't change much.

OXFORD COUNTY - The average price of a home didn't change much, but the number of home sales took a bit of a dive.

The Woodstock Ingersoll Tillsonburg and Area Association of Realtors (WITAAR) sold 123 units last month. This is a 23.6 decline compared to last August and 34.4 percent below the 10-year average for the month.

The average home also sold for $655,534 which is a 0.8 percent decrease compared to August 2023.

The number of new residential listings also dropped to its lowest level since early 2024 with 272 total.

WITAAR President Alison Porter remains optimistic heading into the fall.

"Market conditions appear to be in a state of flux, gradually shifting towards a more balanced market, while still slightly in favour of buyers. As expected, activity slowed as buyers waited for the Bank of Canada to confirm the much-anticipated September decrease in rates. As the summer turns to fall some potential buyers may come off the sidelines not wanting to wait until spring to jump back into the market. There are opportunities for buyers looking for value in a stabilizing market and sellers who are looking to take advantage of improving conditions."

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