Ben Sage, Moving Woodstock
Woodstock Ontario Residential Real Estate Market Update, May / June 2014
Well, I know you haven’t heard from me in a while, in terms of stats. It’s been very VERY busy since the thaw finally came to the Woodstock market.
To give you a quick rundown of what’s happened since my last stats post, here’s a summary.
HIGH DEMAND vs INCREASING SUPPLY
That’s basically been the story of May and June.
May saw average prices climb 3.5% to $236,938, and Number of sales holding more-or-less steady (down 3%) to 71 units sold, and inventory rising a surprising 8% vs last year, up to 246 active homes for sale in Woodstock. So, prices up, # of sales steady, and inventory up.
So at the conclusion of May 2014, supply is up, which is a rare thing in the Woodstock market. We have seen historically low supply for a long time now, so returning supply could signal confidence in the market, but could also bring about a stabilizing in price appreciation, with a return to more balanced conditions.
Lets look at some June Numbers now!
June saw average prices drop by 3.1% to $234,485, and Number of sales up 5% to to 59 units sold, and inventory rising for the second straight month, up 9% vs last year to 248 active homes for sale in Woodstock. So, prices down a bit, # of sales up a bit and inventory up for the second straight month.
So, at the conclusion of the month of June, the important number to watch is the # of Sales vs. # of inventory. With 248 homes actively for sale in the Woodstock market, and only 59 changing hands in the month of June, that puts the absorption rate in the city to 4.2 months (that is the amount of time it would take to sell all the listed homes, based on the current rate of sales). Under 6 is said to be favourable to Sellers, so it continues to be strong selling conditions across many price ranges, however, the trend is to more inventory, and higher absorption rate, which could shift back to balanced conditions, or even favour buyers by the fall. Time will tell!
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...