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Ben Sage, Moving Woodstock

Woodstock Ontario Residential Real Estate Market Update for September 2014

Posted on October 6, 2014 by Ben Sage in Woodstock Ontario Real Estate Stats

Fall is upon us, and the Real Estate Market shows signs of stability going into the colder months.

 

Fall Market – Steady as she goes!

Lets break it down.

For a few months during the “Summer” (if you can call it that… Brrr), it seemed as though supply was finally starting to tip back into balanced territory. In July, the supply was up only 2% over the previous July, and now in September, we are actually seeing a give-back of 2.8% on supply.  In September of 2013, there were 251 active residential listings for sale.  This year we are down to 244.  Lower supply has been the general trend for years, and I see no sign of that letting up any time soon.

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The low supply story is especially evident for buyers who are searching for homes in the “starter” range of $150,000 – $225,000 or so.  Very limited supply and high demand has made it a challenge for those looking to get into the market.  This month alone we saw a sold percentage of 46% for homes listed between $200,000 and $250,000.  That means for every two homes for sale, almost one sold!

The same story is true – the well priced, well prepared homes are selling in a matter of days, where the overpriced, non-prepared homes are sitting and waiting on the market.

Average sale prices are WAY up in September 2014, showing a nice gain of 18% vs September 2013, up to an average sale price of $258,388!! Number of sales were also up in September, up 2% to 63 Residential non condominium units sold in the city of Woodstock for the month.

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So Average sale prices are way up, inventory is stabilizing, and number of sold units is on par with previous years.  This is showing a trend towards balanced conditions, however the absorption rate for September 2014 remains at approximately 4.1 months.  Still slightly in favour of sellers.

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