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Ben Sage, Moving Woodstock

October 2016 Woodstock Ontario Residential Market Report

Posted on November 3, 2016 by Ben Sage in Woodstock Ontario Real Estate Stats



October 2016 Residential Market Report

Summary

Well, we had some mortgage changes…. BUT, did it slow the market?  

computer-says-no-2

Nope!

Here are some statistics about the Woodstock Residential Real Estate Market for October 2016:

At the end of September there were only 98 homes for sale in the city of Woodstock.  This is WAY down from October 2015, which showed a now unbelievable 295 homes for sale.

Average price showed an exuberant gain of 12.7% over October last year, and FINALLY BREACHED THE $300,000 mark, to end the month at $310,495. 

Look how the October average price in Woodstock has appreciated over the past five years:

october-2016-average-5-year-sale-price-copyThe number of sales was WAY down this month. In October of 2016, we saw 69 sales, which was down an unbelievable 25% from October of last year.

Take a quick look at the Absorption Rate, which is a measure of supply relative to demand. Remember, the lower the line, the better for sellers (worse for buyers).  The blue line is 2016….  over the past seven months, conditions have been steady around the 1.35 -1.5 months mark (or almost unimaginably favourable to sellers), and WELL below the 4 year average, and WELL below “balanced” conditions.

Last month it appeared as though a new trend was forming, with two consecutive months of easing demand vs. supply.  It seems that trend has come to an end, with a return to an ultra low absorption rate of 1.42 months inventory.  

october-2016-absorption-line-graphs-copy

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 seven 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.

We are now immersed in the fall rush. It remains a great time to be a seller, and our Dream Home Finder program is the perfect tool to help you navigate this market, if you are looking to buy a home.

We take enormous pride in understanding the market, to best assist our clients to capitalize on current conditions.

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


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