Ben Sage, Moving Woodstock
March 2017 Woodstock Residential Real Estate Market Report
It cannot be overstated how one-sided this market has become…
The unbalanced supply vs. demand is hard to overstate at the moment.
Spillover, caused by huge demand in Toronto, is pushing demand to unprecedented territory all across southwestern Ontario.
Here are some statistics about the Woodstock Residential Real Estate Market for March 2017
At the end of March there were only 53 homes for sale in the city of Woodstock. WHOA! It’s an actual INCREASE since February, which had only 51… This is however WAY down from March 2016 at which point there were 118 homes for sale.
Average sale price showed an tremendous gain of 23.1% over March 2016, as demand increases and meets historically low supply. The average sale price for a Residential non-condo property in Woodstock hit an impressive $350,091 in March of 2017.
Look how the March average price in Woodstock has appreciated over the past five years:
The number of sales was UP SIGNIFICANTLY again this month vs. last year. This metric shows that it is not simply SUPPLY that is the problem, rather increased demand. March this year saw 100 sales, which was up 20% from March 2016.
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 March 2017 set a new record for this metric, down to an astonishing 0.53 months of inventory available. That means there were almost 2 homes SOLD for every home LISTED.
That means, if nobody lists any homes, we will be OUT OF INVENTORY in approximately 16.4 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...