Ben Sage, Moving Woodstock
August 2016 Residential Real Estate Market Report
August 2016 Residential Market Report
It’s STILL a great time to be a seller!
Over the past month, the woodstockhomes.com team has averaged 103.6% sale price to asking price ratio! Compared to the real estate board’s published average of 99%, I’d say listing with us pays off!
Here are some statistics about the Woodstock Residential Real Estate Market:
At the end of August, there were only 91 homes for sale in the city of Woodstock. This is up from 87 at the end of last month, but WAY below last year’s inventory at this time of year, which was still short supply, at 156 homes available.
Average sale price in Woodstock was up 14.8% to $299,159 in August 2016. I have heard some other agents reporting that the average sale price has broken the $300,000 mark this month – the way I track sales, I haven’t seen it break that milestone yet… (Reminder, this report is for Woodstock residential non-condo sales only).
Look how the August average price in Woodstock has appreciated over the past five years:
The number of sales bounced back this month (Last month units were down drastically). In August of 2016, we saw 67 sales, which was up 8% from August of last year.
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 five 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). In my years of tracking absorption rate, I have never seen it stay so low for so long…
This month, the rate bounced back slightly to 1.47… A bit better for buyers, but still a sellers market.
What if you are looking to Buy a home?
Our team has created the “Dream Home Finder,” which is an exclusive plan to find the right home for buyers who are looking to purchase. This summer we have invested time and money into sourcing off-market homes for our buyers. We employ many different strategies to find off market, expired, and privately for sale properties, for the benefit of our buyer clients.
Over the past five months, when supply has become extremely tight, we have continued to work diligently for our buyer clients, employing strategies to help them win in this challenging market.
As we head into the fall rush, if you are thinking of making a move to be in by Christmas, contact us right away. We will assist you by creating a strategy that will make your dreams a reality!
We take enormous pride in understanding the market, to best assist our clients to capitalize on current conditions.
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...