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