Ben Sage, Moving Woodstock
Woodstock Ontario Residential Real Estate Market Update, February 2014
What’s colder, the market or the weather?
This is the Woodstock, Ontario Residential Real Estate Market Report for the month of February, 2014.
First off, what everyone has been talking about, the weather. January’s weather has been far colder and FAR snowier than expected. I feel like I might be making excuses for a bit softer market in the month of January, but being here, showing and listing properties, has definitely been a challenge. I have had many cancelled showings, and several appointments delayed based on the weather! I would not be surprised if many buyers and sellers were scared off by the endless supply of snow and frigid temperatures in January. The predominant tone in the market seems to be “we’ll wait for the weather to improve before making any moves.”
Moving in to the real estate market news, the numbers are showing a chilly trend as well.
In all of woodstock, only 22 residential properties changed hands in the month of January, which was down 24% from the same month last year.
Active inventory, or those homes currently listed for sale within woodstock, numbered 208, and was down 14% from the same month last year. My hope is that this reduction in the available inventory will keep prices afloat for the short term, until the buyers return to the market.
What this means for average prices in Woodstock over the long run remains to be seen, but on a month-to-month comparison, January’s average price did drop by 8.9% over the same month last year, and sits at $202,929.
When we look at price ranges, you can see that this “chill” has taken hold of virtually every price bracket. The one range that seemed to maintain its strength was the $100 – $150,000 range, which still showed strong seller market conditions. Another notable is the oversupply in homes in the $200-$250,000 range. At the end of January there were 50 homes for sale in that price range, and only 7 sold during the month, which shows a slight oversupply, at 7.1 months of inventory. What this means is that, for buyers, if you are on the fence and “waiting for better weather,” there are deals beginning to appear to you in this price range for the first time in months.
Woodstock as a whole is showing 9.5 months of inventory, which tips the balance in favour of buyers. As recently as November, we experienced only 4.2 months of inventory, so there is definitely an overall cooling trend in the Woodstock real estate market.
Several agents and sellers have commented to me that “as soon as the weather breaks, things will pick up.” I am confident that this slight slowdown is very related to the weather we have been experiencing, but by the looks of the long range forecast, and thanks to that silly groundhog, it seems like we are not out of the woods yet.
I have been successful helping clients buy, sell, or lease residential, commercial, or investment properties in the Woodstock, Ontario area since August of 2007. With technical experience ... Read More...