Ben Sage, Moving Woodstock
February 2017 Woodstock Ontario Real Estate Market Report
The HOT Seller Conditions Reach Fever Pitch…
The trend of low supply and huge demand is reaching a FEVER PITCH in Woodstock, this February 2017. It’s been building for over a year, and I think the tension in the market is finally reaching a boiling point.
The continued Spillover effect, caused by Toronto homeowners cashing out, spending their cash in markets like Mississauga, Oakville, Burlington, Guelph, Kitchener, Waterloo, Cambridge, and Brantford, is causing those displaced buyers to run up the values further west, and many of those buyers are choosing Woodstock.
Here are some statistics about the Woodstock Residential Real Estate Market for February 2017
At the end of February there were only 51 homes for sale in the city of Woodstock. This is down 61.1% from February 2016 at which point there were 144 homes for sale. Of those 51 homes for sale, there happen to be 13 that are already conditionally sold.
Average sale price showed an tremendous gain of 31.7% over February 2016, as intensifying demand meets low supply, causing a large run up in prices. The average sale price for a Residential non-condo property in Woodstock hit a staggering $349,297 in February of 2017.
Look how the February average price in Woodstock has appreciated over the past five years:
The number of sales was UP SIGNIFICANTLY this month vs. last year, illustrating the point that everything that lists, sells! In February of 2017, we saw 74 sales, which was up 45% from 51 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 line represents 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 February 2017 set a new record for this metric, down to an astonishing 0.76 months of inventory available.
That means, if nobody lists any homes, we will be OUT OF INVENTORY in approximately 24 days!
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 year and a bit, 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 at all. 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...