Ben Sage, Moving Woodstock
Woodstock Ontario Residential Real Estate Market Update for October 2014
October in Woodstock… How did it go?
High demand and low supply is the theme, under $300,000. If you’re over that price, prepare to wait!
Generally speaking, average prices are strong, with the average in October hitting $232,488. This was down from September’s dizzying high of $258,388 (WOW), but up from October last year, by 3%.
The low supply situation has not subsided, and actually total available inventory is down almost 5% compared to this time last year. This limited supply and steady demand has made it a challenge for those looking to get into the market, especially in a first time buyer range. Around 60% of homes for sale priced between $150,000 – $250,000 sold in October.
So Average sale prices are up, but inventory keeps shrinking (it was down 2.8% in September, and down 2.9% in August too) and number of sold units is on par with previous years.
This is clearly indicating a trend towards higher home prices. Lower inventory, consistent demand, and no other external factors to report, means pricing should stay solid in the foreseeable future.
For past reports on Woodstock Home Values, click here.
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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...