Your 1/3 of 2017 Market Update for Oxford County Woodstock, Ingersoll, & Norwich
Oxford
County: All areas
Prices rises are incredible to say the least.
We finished 2016 with a 12-month average price of $294,414. This 12-month
average price now sits up 21% at $320,966. For the 4-month period from January
1, 2017 though to April 30, 2017 the average price rose 26.8% to $350,060
compared to the first 4 months of 2016 when the average price sat at $276,089. Let’s
look at supply! We started the year with
163 homes available for sale across our trading area. This reflects a decrease
of 41% over the previous January. In
January 2016 inventory was also down over the previous year that began this
aggressive price increase trend. Here is something else to add to this raging
fire... The number of homes available for sale across this trading area as of
April 30, 2017 sat at 150 homes compared to April 30, 2016 when supply sat at
233 homes for sale... The rocket is continuing its way.
Woodstock:
Sales
for the first 4 months of 2017 increased again over the record sales for the
same period last year by another +26%.
This increase in the number of homes sold was exacerbated by a
significant decrease in the number of homes available to start the year. The
number of homes available for sale on January 1, 2017 dropped 48% over January
2016 to only 64 homes to offset this increased demand. The combination of these factors drove the
average price for this 4-month period to $353,825 for our city. This represents an increase of 25.2% over the
same period a year earlier. This means the average home selling price rose
$71,202 for the same 4-month period. What does the future hold for the short
term? The number of homes offered for
sale on April 30, 2017 dropped to 54 homes across the city. This is a 54% decrease from April 20, 2016.
IF demand continues prices are going to continue to rise dramatically. You definitely want to be part of this tax-free
value appreciating.
Ingersoll:
The
number of homes for sale in Ingersoll on the first day of January in 2015 was
47 homes. In 2016 that number dropped to 37 homes. In 2017 we dropped again by
54% to only 20 homes available.
Constricted by this availability sales rose only 5%. This put additional
upward pressure on pricing for the community. The average house price rose
17.7% for this 4-month period finishing with an average price of $254,249. It now
takes only average of 25 days to sell a home in Ingersoll. Because of
restricted demand the average Home Owner is now getting 104% of asking prices
this is up from 99% a year ago. These
statistics would indicate that pricing is not aggressive enough in this area
based on limited inventory and high demand.
In other words, Ingersoll home pricing is currently a bargain. To further address the supply and demand
element of this equation, the inventory of homes for sale on April 30, 2017 sat
at 17 homes. A decrease of 48.6% from
April 30, 2016. The competition for home buying is only going to get worse.
Township
of Norwich:
Norwich
does not move large numbers but is a significant element of this trading
area. Inventories of homes available for
sale in January more than doubled over the year before, starting the year at 30
homes for sale compared to 14 in 2016.
Sales are flat for the first 4 months at 22 homes sold. Prices on the other hand rose $120,840 or
43.6% for the Township to an average of $397910. As in previous months, low
inventory in the rest of the county is offsetting the higher inventories with
the County wide higher price gains. Remember
the average house in Woodstock now sits at $353,825. The number of homes
offered for sale on April 30, 2017 sat at 32 homes compared to 18 homes at the
same time a year earlier.
Summary:
Let
me repeat myself…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 20% next year the price difference between a $300,000
home and a $400,000 today currently at $!00,000 will become $360,000 and $480,000 a difference of $120,000 or another $20,000! You
could be benefiting from this equity in your pocket, had you acted now.
Thinking
of downsizing or liquidating? We recommend don’t sell now, unless really
necessary. We suggest waiting until the market cools. We believe you will still
be well 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
ask you as out valued Client help us really do our job well.
If you know of someone who thinking about
Buying or Selling, please call them on our behalf, and ask them if it’s OK to
give their name and phone number to us…We will then follow up and take great
care of them…
Call us today!
Gib Heggtveit - 519-535-3975
Mary Heggtveit - 519-535-7355
Gib Heggtveit - 519-535-3975
Mary Heggtveit - 519-535-7355
Email: gib@YourFavouriteRealtors.com
