Ben Sage, Moving Woodstock
December 2016 Woodstock Ontario Residential Real Estate Market Report
Market IGNORES Seasonal Norms in December
Here are some statistics about the Woodstock Residential Real Estate Market for December 2016:
At the end of December there were only 64 homes for sale in the city of Woodstock. This is down 48.4% from December 2015, at which point there were 124 homes for sale. The kicker is, if you remove NEW homes from the inventory (they might not even exist yet….) we actually have ONLY 33 HOMES TO SELL in Woodstock as of the end of December 2016. Wow.
Average price showed a predictable gain of 13.9% over December of last year, and has stayed around THE $300,000 mark, to end the month at $291,815.
Look how the December average price in Woodstock has appreciated over the past five years:
The number of sales was UP this month vs. last year. In December of 2016, we saw 43 sales, which was up quite a bit from 31 sales last December.
The real measure of the “heat” in the market is the Absorption Rate, which measures supply relative to demand. Remember, the lower the line, the better for sellers (worse for buyers). The blue line is 2016…. over the past nine 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.
In examining the trend of supply vs. demand, it is clear that the market is absolutely ignoring the normal / seasonal slowdown and simply plowing right through. Consistent or rising demand, and staggeringly low inventory are driving home prices way up.
But, I want to buy a home!
Our team has been working diligently to create the “Dream Home Finder,” which is an exclusive plan to find the right home for buyers who are looking to purchase. Over the past year 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 nine 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.
The market is showing no signs of slowing down for winter. 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.
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...