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Ben Sage, Moving Woodstock

2015 Year in Review

Posted on January 19, 2016 by Ben Sage in Market, Real Estate, Woodstock Ontario Real Estate

2015 Woodstock Residential Real Estate Market at a Glance

Summary

2015 was a breakthrough year for residential real estate in Woodstock. The overall market trend all year long has been consistent demand and low inventory.  During the year, 957 residential properties were listed for sale on the MLS® system, and 696 of them sold. That means 73% of all homes listed for sale in 2015 ended up selling! That’s up from only 55% in 2014! What a difference!

Buyers Struggling

In a seller’s market, buyers have a tough time finding and negotiating purchases on homes. That has definitely been the story this year with many homes selling in multiple offers and sometimes over asking price. This has put upward pressure on values, which we will discuss further into the report. If we turn our focus to Absorption Rate, which is a key metric in determining the trend in the marketplace, we can clearly see that low supply has created a trend of rising prices in Woodstock. On this chart, blue represents 2015, and the LOWER the line, the pricier homes are becoming.

Fullscreen capture 2016-01-18 24015 PM

Prices on the Rise

As you can clearly see from this chart, average prices for residential real estate in Woodstock have climbed steadily since 2009, with a massive 7.6% jump in 2015. If the supply and demand situation doesn’t become more balanced in 2016, we will continue to see large increases in sale prices in Woodstock.

Trends Graphic

Right now we are in the midst of a January deep freeze. The weather seems to be affecting the market in subtle ways. Many buyers who have been shut out of the market in the last few months of 2015 are still shopping, but inventory does not seem to be flooding onto the market at this point. Sellers often believe that “waiting until spring” is the best course of action, however, regardless of the season, it is important that all buyers and sellers hire a REALTOR® who understands the overall market trends at work, and can advise them on how to properly navigate the current marketplace.

The Woodstock Homes Team is ready to help. Connect with us today and let’s chat about your plans!


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