Increase in local home sales

The local real estate market is off to one of its best starts in the past 10 years, says the president of the Simcoe and District Real Estate Board.A total of 39 homes sold in January 2019, up from 33 or 18.2 per cent for the same time period last year.“Simcoe home sales bounced up to start 2019,” Melissa Mummery said. “The January 2019 sales figure was actually one of the best starts to any year in the last decade.”The average price of homes sold however, dropped 9.2 per cent to $367,210 from January 2018.But the real estate board believes the drop in the average price is an aberration because the overall trend is moving higher.Meanwhile, the dollar value of all home sales in January 2019 increased 7.3 per cent to $14.3 million from the same month in 2018. There were 56 new residential listings in January 2019 – down one listing or 1.8 per cent.Although the overall supply of housing is up from last year, it is still running at some of the lowest levels on record for this time of year.Active residential listings numbered 143 at the end of January, an increase of 30 per cent. However, the end of January average is about 350 listings, the real estate board says.At the end of January 2019, the months of inventory – the number of months would take to sell homes at the current rate of sales activity – number 3.7 up from 3.3 recorded in January 2018 but well below the long-running average of 11.8 months for this time of year.Established in 1959, the real estate board covers Norfolk County including Delhi, Long Point, Port Dover, Port Rowan, Simcoe and Waterford.