Ben Sage, Moving Woodstock
January 2017 Woodstock Ontario Real Estate Market Report
Market DESTROYING Records…
The year-long trend of extreme low supply and high demand has surged into 2017, with a record high monthly average sale price set in January, and a record high number of sales for the month of January as well.
So, it’s not that we are seeing FEWER homes for sale, as we are actually seeing a normal to increasing number of sales happening, but the demand is so strong due to SPILLOVER effect, that prices are climbing, as homes sell in multiple offers.
Here are some statistics about the Woodstock Residential Real Estate Market for January 2017
At the end of January there were only 59 homes for sale in the city of Woodstock. This is down 53.9% from January 2016 at which point there were 128 homes for sale. The kicker is, if you remove NEW homes from the inventory (they might not even exist yet….) we actually have ONLY 28 HOMES TO SELL in Woodstock as of the end of January 2017. BUT, if you remove CONDITIONALLY SOLD listings from that number, that leaves just 22… Wow.
Average sale price showed an enormous gain of 26.7% over January of last year, as record low supply hits a fever pitch. The average sale price for a Residential non-condo property in Woodstock hit a staggering $339,399 in January of 2017.
Look how the January average price in Woodstock has appreciated over the past five years:
The number of sales was UP this month vs. last year. In January of 2017, we saw 55 sales, which was up quite a bit from 32 sales last January.
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 dot above “JANUARY” is the absorption rate so far in 2017… The Yellow line represents 2016, a year in which it is estimated that property values increased by 13.5-16%. The Green line represents the previous five year average absorption rate.
As you can see, we have been enduring a period of extremely low supply relative to demand, and January 2017 set a new record for this metric, down to an astonishing 1.08 months of inventory available.
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...