Your
Oxford County
Third
Quarter 2018 Update
Our Trading Area:
The Real Estate Market is
still “Hot” with prices rising and low inventories across our trading
area. Sales on a year-to-date basis are
still below last year’s record of 28,831 sales for the area by -21.9%. We
started 2018 with sales running 30% below 2017. That gap has narrowed by a
stronger 3rd quarter. The
number of homes available for Sale rose to 5 months’ supply and fell to four
months’ supply for the 3 months. A
balanced market is 6 months’ supply.
This is still very much a Sellers’ Market.
The average price of a Home
in our trading area moved up the first 9 months of 2018 by a whopping 10.6%
over the first nine months of 2017 and now sits at $366,025 for a home in our
trading area. It was at $330,970 as of last September based on a rolling year
average.
City of Woodstock:
The number of homes sold
this year in the City of Woodstock itself are now only off -29.0%. Remember we
started over 30% below last year’s record year. We’ve dropped back to
traditional sales levels. We have explained previously that a balanced market
(good supply and good demand) is 6 months supply. We have been averaging 4 months’ supply for
this year. This lower number of Homes
for Sale puts significant upward pressure on prices. This year the City of Woodstock delivered
Home Owners an average minimum of +99% of their list price. In In August and
September Home Owners were getting above 98% of their asking prices. This is a
quieter time of year but still very active. The number of days that it took to
sell the average home in Woodstock moved between 37 and 34 days for July,
August and September and now sits at 43 days
As you can see on the
graph above, selling price of Homes in the City have risen nicely. Last year at
this time the Average Selling Price of a Home in Woodstock reached $339,490.
Home Owners will be pleased to know that this year the Average Selling Price is
up above my projection and sits up 15.9% or $54,474 of the first 9 months of
2018. September as you can see by the
Graph above hit $400,000.
Buyers coming into or
Living in Woodstock don’t like paying more than $600,000 for premium homes. The
number of homes sold this year priced between $600K to $700K is about -60%
lower than homes prices between $500K and 600K. Here is a graph that
illustrated activity by price this year. Remember this is the top end of our
market.
Ingersoll:
Sales in Ingersoll are now
only down -22.4%, on a year to date basis over last year’s recordin line with
the overall County results.
The number of Home sold in
the last 4 months have surpassed the same four months of 2017. 3rd
Quarter results and are up 58.7%.
Inventories are low, running at 3 months supply of homes for sale from
June to now. It took 23 days to sell a home in September down from 28 days in
August. What does all this mean? Well, its still very much a Seller’s Market
based on demand and the number of homes coming to market that are offered for
sale. Home Owners are consistently getting consistently getting 100% of asking
price.
As you can see by the
graph above, Ingersoll selling prices have risen nicely. The Average Home Selling Price last year
reached $410,594 in North London. This year prices for the first 9 months have
reached +11.9% or a gain of $34,723 for an average Home. The new Average
Selling price in Ingersoll is now $326,654. One other interesting number to
share with you. In the last three months average selling price has been above
the average for the year, hitting as high as $416,104 based on the average of
20 Homes Sold in September. Remember
when Buying, or Selling, look at comparable homes. Your decision to Sell, or to Buy, will be
based on a realistic price. We must stress again, that we believe this
upward price trend will continue but should slow next year to more normal
annual increases. We recommend that Buyers “MOVING UP”
or “FIRST TIME BUYER”. Do it right now! Sellers that want to “DOWNSIZE” Don’t
Do It Now! You are throwing away equity, unless you must. Remember that there
are always Equity Mortgage’s available…
Norwich:
The
number of Homes Sold in Norwich Township though small in numbers have performed
solidly on a year-to-date basis. The decline over last year’s record Sales of
Homes is only -10.8% or 92 Homes Sold this year. The
number of Home offered for sale now sits at 5 months’ supply of Homes for Sale,
down from a Balanced Market in June and July at 6 Months’ supply. The average days to sell, because of the
slower time of year, has been running 59 days for July and August but did drop
marginally to 55 days for September. The
average Home Owner in Norwich Township has experienced fewer competitive bid
situations and are getting an average 98.2% of their asking price. What does
all this mean?.
Sale prices for Homes in Norwich
Township are now up 8.6% over the first 9 months of 2017. This represents an
average increase in value and equity of $33,281. The average Home in Norwich
Township now sells for $406,537 up from $373,256 in September last year, based
again on nine months of sales of homes. As you can see things are still moving
up! We must stress again that
we believe this upward price trend will continue but should slow next year to
more normal annual increases. We recommend that Buyers “MOVING UP” or “FIRST
TIME BUYER”. Do it right now! Sellers that want to “DOWNSIZE” Don’t Do It Now!
You are throwing away equity, unless you must. Remember that there are always
Equity Mortgage’s available…
.
If we are running close to
last year’s sales of homes now, we should Buy and Sell close to 25 homes between
October and December. Based on the price
trends in the last few months we will see additional price gains.
If you are thinking of
liquidating or downsizing, “DON’T DO IT NOW “, unless you have to.
Summary:
We are here to “Help”,
You, Your Family, Your Neighbours, Your Co-Workers and Your Friends! Any time to Buy or Sell, is a good time in
this “Hot Market”! Why? If you are paying rent the Housing Market is
leaving you behind. Any home ownership
is keeping pace for your ability to move up as you build equity too. It is also a good time to move up, let’s say
the difference is value of your Home to the Home you want to Buy is $75,000. Doing it now, may put $5000 to $7500 future
equity in your pocket, if the Market moves anther 6% to 10 %. This is not a time to procrastinate. An
average of 10.2 Homes sell every month across Norwich Township in 2018.
Gib Heggtviet Mary
Heggtveit
Real Estate Broker Sales
Representative
Direct: 519-535-3975 Direct:
519-535-7355
Prices Don’t stay Down
EVER! Look below at the average prices
for 2008 when World recession hit and 2009 when we started recovery in back
half.
Don’t “Wish You Did”
Call Now:
519-421-2626
519-421-2626
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