Oxford
County Market Overview
for Residential Homes: (Woodstock & Ingersoll Focus)
for Residential Homes: (Woodstock & Ingersoll Focus)
Sales increased across Oxford County
in 2015 by a whopping 17.8% when compared to 1 year ago. The average
price of a home in the area, for this 12-month period, rose by $12,787 or
another +5.25%. The average house price across Oxford County Townships including
all major centers now will cost the average buyer $256,155. Still one on
the most affordable Major markets in Canada.
Will this trend continue? Traditional year over year inventories declined marginally. This is also true of the last 2 months of the year. This means prices should continue to rise within a reasonable range but will also depend on what comes to market for sale in the Spring and Summer of 2016. The Bank of Canada appears not to be pushing up CMHC (Canada Mortgage and Housing Corporation) interest rates significantly in Canada and have implemented programs to slow down Markets like Vancouver and Toronto. These changes will not affect the average buyer in Oxford County. It remains an excellent time to move up or buy that first home.
Will this trend continue? Traditional year over year inventories declined marginally. This is also true of the last 2 months of the year. This means prices should continue to rise within a reasonable range but will also depend on what comes to market for sale in the Spring and Summer of 2016. The Bank of Canada appears not to be pushing up CMHC (Canada Mortgage and Housing Corporation) interest rates significantly in Canada and have implemented programs to slow down Markets like Vancouver and Toronto. These changes will not affect the average buyer in Oxford County. It remains an excellent time to move up or buy that first home.
City
of Woodstock:
The average house price in the city of Woodstock now sits at
$256,880. This represents an increase in value of 7.9% or $18,905 over the last
12 months. The number of homes that sold across the city during this same
period increased by 21.0%. This has to be a record for the area. Looking ahead
there is no doubt that 2016 is poised for another year of great performance.
Looking at the last 2 months
individually we found that the number of homes that sold continued to
aggressively outpace 2014 individual home sales, these are typically small
numbers well under 100 units for this time of year but the activity is a good
indicator.
The year over year increases for
November was 94.85, almost double, and increased 29.2% again in December. The average selling price in each month rose
once again, up 24.8% in November and 14.2% in December. December year end
inventories at the same time, (what Consumers have to choose from) finished
down by 24.8%
This market is really primed for
another outstanding year. The list to sell ratio (the chance of selling a home
during the listing period) historically runs about 67%. In 2015 the chance of selling a home if it
was listed rose to a outstanding 84%.
Town
of Ingersoll:
The average house price performance for Ingersoll defies
statistical logic. The number of homes sold in 2015 increased by an aggressive 13.5%
while at the same time prices dropped 1.5%, an average of $3,328 for an average
house price of $220,164. The chance of
selling a home during the listing period rose from 71% to 80%. Expired listings
dropped 33.8% during the same period.
The time it took to sell a home dropped from an average of 67 days to 60
days.
I have stated this before in past
years that it appears that the average list price in Ingersoll is not
aggressive enough based on demand. The
13% in increase in sales for 2015 with relatively flat inventory coming to
market year over year has reduced the number of homes on the market going into
2016 by 19.6%. Hopefully this will trigger more realistic average house prices
for this market.
What does this mean? The Average Home price in Ingersoll is
currently the best investment across Oxford County. Historical difference in price between
Ingersoll and Woodstock runs about 10%. It now sits at 16.7%.
