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.
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
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