Your Year End Oxford County Market Update for 2018

Oxford County-

Another outstanding year in price gains and it will continue above average in 2019.  The number of Homes sold dropped 17.9% over the record sales achieved in 2017. At the same time the number of homes offered for sale also fell keeping supply at an average of 4 months. The number of homes available in December jumped to 7 months. This is now dropping again below 6 months.

As you can see price increases held in December despite the higher inventories. For the year, prices rose +11.15% or $37,920. Bringing the value of the average home across Oxford County to $368,631.  Home owners got an average of 99.1% of their asking prices over the year and it took only an average of 38 days to be Listed, Available and Sold! This indicates that most home were involved in Bidding Wars. 

It is also interesting to look at demand by price point across our County.  The graph below indicates the number of Sales in 2018 by Price Range.

Most Buyers in our Area are shopping between $250,000 and $400,000. This segment is being driven by Buyers entering the market. The Move-Up Market, Resale Market (Toronto Buyers cashing out) is also significant, at about 60% of the New Buyers’ Market and is priced between $400,000 and $600,000.  A Psychological Barrier still exists for Homes prices over +$600,000. The number of Sales sit at about 30% of the $400,000 to $600,000 range.  As prices push up again this year between 5% to 8% again, this barrier may start to dissipate.

Once again TODAY is the best time to buy your first home or Move up! It is not the time to downsize or liquidate unless you must.  There are equity loans available for dealing with some of these issues. Talk to your bank or Mortgage Broker.  We are here to help any time.

Woodstock-
Woodstock is the driving force behind Oxford County accounting for 49.2% of the Sales of Residential Properties. The number of homes Sold across in Woodstock fell -23.3% for the year. 2018 started with sales off almost -40% for the first three months and then improved for the balance of the year.  The number of homes offered for sale consistently remained at about 4 months’ supply keeping upward pressure on prices.

Because of the limited number of homes offered for sale (6 months supply is a balanced market), Prices rose another whopping 11.1% or $36,845. Home owners received 99.1% of their asking price over the year. This once again indicated that bidding wars were happening with most properly priced homes.

Inventories were lower than the County coming into the new year.  This would continue to put upward pressure on prices in the months ahead.  As projected above for Oxford county the dynamics are similar.  We should see prices rising another 5% to 8% for 2019. Once again, we recommend Buying that First Home or Moving Up NOW! Don’t wait! You will be disappointed, and your equity position will erode.   Thinking of Downsizing or Liquidating?  WAIT! Don’t do it until the market moves back into a balanced market and price increases slow.  Call us Today…We are ready to help.

Ingersoll-

Sales fell in Ingersoll like the rest of Oxford County but at half the rate of Woodstock and the County. Sales fell only 12.6% for the 12 months ending December 31, 2018.  Inventories remained low at about only 3 months supply on average.  Inventories peaked in December jumping to 7 months’ supply following a slower November.  But, Sales in this area rebounded in December. The number of homes available in January 2019 is still below 4 months of Sales. It took only 23 days from Listing, Activation and Sale of the Average Home in December.

Buyers benefited in December from the November slow down. After 12 months the Average Home Price in Ingersoll rose a whopping 15.3%, or $44,136, achieving the highest increase for an Oxford County Community. The Average Home now sits above $300,000 for the first time at $333,435. The average price being the lowest in the area helped drive the higher values. Home Owners are consistently getting an average of 100% of asking price over the year.  This means continued Bidding Wars for the average home.

Ingersoll remains a great value area for Oxford County for First Time Buyers or Move Up Buyers. The rise in Prices in not over. This area will perform in line with the rest of the county attracting increases of 5% to 8% or possibly higher.

Norwich Township-

Sales in Norwich township fell only 10.3% during 2018. The number of months of supply of Homes offered for sale is the highest in the County but remained under 6 months of supply.  December 2018 did not record any firm Residential Sales in the Township, this creates a short-term increase to available properties going into the new year.

Prices rose 11.9% or $43,233 for the Calendar year 2018 across the Township, following the averages for Woodstock and the County. The average home now sits at $407,974 in the Township.

Once again, this area will follow the price increases anticipated for the County in general for 2019. We should realize increases between 5% to 8% over the calendar year. RIGHT NOW, is the best time to Buy that First Home or Move Up!

The recent RE/MAX National Market Forecast is making similar forecasts for London and Area, the Niagara Peninsula etc.  They are forecast a modest price decrease in Metro Toronto.  This will encourage continued relocation to our area.

Have Family, Friends or Co-Workers wanting to Buy or Sell? You know who to Call.  Let us put our 15 years of experience to work for them. Call us today! We will follow up and take great care of them.

Gib Heggtveit & Mary Heggtveit

Broker & Sales Representative

RE/MAX Centre City Realty Inc.

Direct:            519-421-2626

Gib Cell:         519-535-3975

Mary Cell:     519-535-7355

Email:            

gib @yourfavouriterealtors.com

mary@yourfavouriterealtors.com