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The real estate market for the Woodstock and Ingersoll areas reported a 30-year low in housing supply, leading to a slowdown of home sales in the region during November.
The region finished November with only 0.8 months of inventory, the number of months it would take to sell the current home listings at the existing sales pace.
There were 99 active residential listings at the end of the month, according to statistics from the real estate board. It was the first time in 30 years that active listings dipped below 100 for the region.
The local real estate board sold 120 homes during November – a decline of 22.1 per cent from November 2019 – as housing availability continues to dwindle,” Woodstock and Ingersoll and District Real Estate Board president Lesley Michie said.
“Home sales in our region finally took a pause in November following one of the strongest periods of sales growth we have seen in recent history. A large reason for the drop in sales is the extreme shortage in listings currently on the market, which continues to push average to record highs.”
