Your 9
Month Market Update for Oxford County Woodstock, Ingersoll, Norwich & Area
Oxford
County: All areas
The
hot market continues, as anticipated, across all of Southwestern Ontario. In Oxford County the number of homes
offered for sale at the end of September fell 35.6% below last September's homes offfered for sale. This
will create massive upward pressure on home prices. The number of Residential homes sold in our
trading area (most of Oxford County) in the first 9 months of this year is up 7.7%. The average selling price of home across the
county has also risen at the same time by 14.3% or $36,242 across the County
and we now have an average selling price of $290,008. The number of homes offered
for sale as of October 1, in this area has improved marginally from a 41%
shortfall as of June 30 to a current shortfall of 35.6% below what was available
for sale on October 1, 2015. The average home is selling at 100% of asking and
is being sold in 11 days on average. Based on these trends, prices will
continue to rise unless the economy goes into a recession and as long as demand
outpaces what is available…
Woodstock:
Woodstock
continues as a driving force in the County for the first three quarters of 2016.
The number of homes coming to market between January 1 and September 30 increased
marginally by 2.8% but not enough to offset demand. Sales of homes during this 9-month period, on
the other hand, continued well over 2015 year to date sales at a respectable
8.4%increase. This increase is down marginally from June 30’s peak, but the new
limiting factor is no supply. 108 residential properties were available for
sale in Woodstock on October 1, 2016.
This number is down 40% from last October 1. This is only a month and a
half’s supply for Buyers. This limited number of available homes offered for
sale has resulted home owners getting generally 100% of their asking price in
in some cases bidding wars and selling in 11 days. This pushes the 12 month
average selling price of a home in Woodstock even further. The average home
price is now up by 14.1% for the last 12 months raising prices by almost
another $5000 since June 30 to a whopping $35,654, this brings the average
house price to $288,472 in the City of Woodstock. It will rise further over the
next 3 months. The 73 homes sold in
September this year averaged $310,910
Ingersoll:
As
of January 1, 2016, the commencement of the year, the number of homes available
for purchase across this Municipality sat at 37 active listings. This was actually a decrease of 26% for the
same time last year, the number of homes coming to market between January 1 and
June 30 increased marginally by 6.6%. This trend then changed. By September 30, this changed and the on a
year to date basis dropped 7.5% reflecting a very low availability over the
last 3 months. The result, sales of homes during this last 9 month increased a
whopping 11.3% to 196 homes sold. This
resulted in an increase in value of 11.4% for the last 12 months, raising
prices by about $4,000 since July 1, to an average of $25,282. This brings the
average house price in Ingersoll to $246,253. The average selling price for the
month of September actually hit $$257,950. It still takes an average of 49 days
to sell a home in Ingersoll but this is almost half the 98 days it took last
year. Home owners are now getting 99% of asking prices this is up from 97% a
year ago. There were only 27 homes
actively for sale as of October 1, 2016.
This was32.5% lower than last October.
Township
of Norwich:
On
January 1, 2016 the year started with only 14 homes available for sale across
the Township. This represented a 63.2% decrease in listed properties. Also number of homes coming to market between
January 1 and June 30 further decreased during this 6-month period to 42 homes
coming to market, a further drop of 8%. Since June prices had risen dramatically
and year to date inventories have increased by 21.7%, not enough to offset the
initial shortfall of available homes. Sales of homes steamrolled during this 9-month
period as a result increased by 34%. This resulted in an record increase within
Oxford County, delivering an average price increase of a home in Zorra Township
of +23.8% for the last 12 months,
raising prices by a whopping $62,181, this brings the average house price to $323,371.
The average selling price for the 9 homes sold in September actually hit $361,190. These increases are being driven by 2 storey
and bungalow/ranches being sold on larger lots.
Summary:
Are
you or your family and friends or co-workers First time Buyers, or Home Owners
stretching at the seams, wishing to move up?
Our
advice is “DO IT RIGHT NOW!” This market
has not finished rising. To those
wishing to move up, think about this..
if
the market increases another 10% next year the price difference between a
$200,000 home and a $300,000 today currently at !00,000 will become $220,000
and $330,000 a difference of $110,000 or
another $10,000! You could be benefiting from this equity in your pocket, had
you acted now.
Thinking
of downsizing or liquidating? Don’t sell now, unless really necessary. We
suggest waiting until the market cools. We believe you will still be ahead of
today market. It will take time to sell a home in a balanced market, but you
will be more than liking be selling at a higher price.
We
are here ready to put our team to work you, your friends, family, neighbors and
co-workers move up or buy their first home. We will make sure that every aspect
of their sale or purchase is professionally executed!
Call us today:
Gib Heggtveit 519-535-3975
Broker
Mary Heggtveit 519-535-7355
Sales
Representative
Direct: 519-421-2626
Email: gib@YourFavouriteRealtors.com
