Ben Sage, Moving Woodstock
June 2016 Woodstock Residential Real Estate Market at a Glance
June 2016 Residential Market Report
I’ve been told my reports are getting stale…. But the market is in a steady state – SELLERS MARKET, so there’s not many exciting changes to report. So this month, I have changed the colours on one of my charts. Hopefully that freshens things up!!
This month I’m going to keep it simple. I can’t believe how buoyant this market is, and continues to be. I have spoken with many colleagues throughout southwestern Ontario, and they are all seeing similar markets in their areas of expertise.
Also, a reminder, these statistics are for all Residential (not condo, no multi unit, just residential properties) within the city of Woodstock. Not oxford county, not Ingersoll…. JUST Woodstock.
The monthly average price for a Residential home in Woodstock once again is VERY close to breaking the $300,000 mark. $294,128. This was UP 12.9% from June of 2015.
The Number of Sales grew only 3% this month over June 2015, to 71.
Supply is still tight. The number of homes for sale dropped to 115, down 44.4% from June of 2015, but up slightly from May (was 110 active units)
The Struggle Continues for Buyers
The trend continues. Did you know that of all the sales in June 2016, homes sold for an average of 100% of asking price?
Obviously many homes still sell under asking price, but many homes are going so far over asking price as to offset that difference. I don’t recall ever seeing that happen before in Woodstock.
Take a quick look at the Absorption Rate, which is a measure of supply relative to demand. The blue line is 2016…. over the past four months, conditions have been steady around the 1.35 -1.5 months mark. WELL below the 4 year average, and WELL below “balanced” conditions. Remember, the lower the line, the better for sellers (worse for buyers).
Prices on the Rise
We all hope our Real Estate goes up in value. I am beginning to become concerned that the pricing we are seeing is a little bit silly. I do not have a crystal ball, but I cannot see the type of appreciation that we are seeing LASTING in the long term. At some point there will be a correction, which might represent a good time to get into the market, if you’re an investor or a first time buyer.
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Look how the June average price in Woodstock has appreciated over the past five years:
Like the new Red colour? 🙂
So, for now, even though July and August are traditionally not the BEST time of year to sell your home, this year could be the exception.
As always, if you are thinking of selling or buying a home, it’s a madhouse out there. It has never been more 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.
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...