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Ben Sage, Moving Woodstock

Woodstock Ontario Residential Real Estate Market Update, July 2014

Posted on August 1, 2014 by Ben Sage in Woodstock Ontario Real Estate Stats

Summer is here!  Lets find out if the Real Estate Market in Woodstock Ontario is sizzling hot, or a bust (like the late July weather!)

Here’s your headline:

Increasing Supply not yet affecting home prices!

Lets break it down.

At the end of June, I noted that supply had been increasing steadily for a couple months (up 8% and 9% vs. previous years respectively).  That trend continued this month with supply up a modest 2% at the end of July 2014.

Average sale prices rebounded in July, and showed a nice gain of 6.1% vs July 2013, up to an average sale price of $244,059!  Number of sales did drop in July, down 10% to only 65 units sold in the city of Woodstock for the month.

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So Average sale prices made a huge comeback in July, but I am keeping an eye on that rising inventory.  The absorption rate for July 2014 is at 4 months, down slightly from last month.  Still to early to identify a trend, though I suspect that we will return to balanced conditions this summer/early fall.

 


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