Ben Sage, Moving Woodstock
Woodstock Ontario Residential Real Estate Market Update, March 2014
Still chilly, but getting there…..
This is the Woodstock, Ontario Residential Real Estate Market Report for the month of March, 2014.
After a bleak January, things improved a bit in the market in Woodstock. The weather is still chilly, and snowy, and pretty awful, but the numbers are thawing a bit.
In all of woodstock, only 33 residential properties changed hands in the month of January, which was 39% from the same month last year.
Active inventory, or those homes currently listed for sale within woodstock, numbered 223, and was down slightly 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.
Average Sale price in the month of February was $224,850. That was down 4.3% over the same month last year.
Checking the price-bracket comparison for February 2014, a return to balanced conditions between $200-$350,000 shows a healthy market – these numbers measure the “absorption rate” in the market. In other words, they show how many “months of inventory” exist at current supply and demand rates. Approximately 6 months is a balanced market, favouring neither buyers, or sellers.
Under $200,000, it’s obviously a better position for a seller to be in. Many buyers are continuously looking for homes in this price range, and we rarely see an oversupply in this type of home.
Over $350,000 is a “Buyer’s paradise” with plenty of active inventory available, and few buyers taking advantage of the oversupply.
Woodstock remains ripe for upgrade opportunities. If you own a home worth under $250,000, and are thinking it’s time to make an upgrade into a bigger home, you will have excellent bargaining position on the sale of your house, and on the purchase of your new dream home.
Woodstock as a whole is showing 5.8 months of inventory, which as I mentioned in the video, is a balanced market. As recently as November, we experienced only 4.2 months of inventory, so remains a slight cooling trend in the Woodstock real estate market.
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...