Oxford County:
In January there were only 320 new listings, February 319,
March only 385 and April 475 homes came to Market. When added to the few remaining
previously listed homes supplies remain limited. The number of homes available
for sale, dropped from a high in January of 3 months’ supply for the slowest
selling time of the year to about 1 ¾ months’ supply in February and dropped
again in March to only 1 month’s supply.
April rebounded marginally back to 1 ¾ months’ supply. Remember a balanced market is 6 months’ supply!
You can imagine the bidding wars that are occurring as a result. In January homeowners averaged 10% of asking. This means most were in Bidding Wars. In February as months’ supply dropped, Homeowners averaged 109.6% of asking prices. In March this rose to 110% of asking prices and leveled off a bit with the larger number of homes coming to Market in April at 108.5% of asking prices.
Let us look at sales across Oxford County. In January we started the year with 128 homes sold across the County. In February, this number increased to 222 homes sold, in March this jumped to 342 homes sold and finally in April at 344 homes sold.
With this unusually tight inventory of homes available, what did this do to prices? In December, we finished the year with a record of $529,551 for the average home across Oxford County. January showed a significant jump of 16.6% to $617,365. In February, a further jump in value to $622,936, March delivered another value increase to $632,283 and we finished April with a final overall monthly increase in the first 4 months of 2021 of 27.8% delivering a new average price for the month of $676,504.
Woodstock:
In January there were 26 new listings on homes offered for
sale, February 32 homes, March 47 homes. Finally in April 86 homes came to Market.
When added to the few remaining, previously listed homes, inventories of
available homes remain limited. Supplies dropped from a high in January of 60%
of 1 month’s supply for the slowest selling time of the year, to about 1/2 month’s
supply in February and March. April rebounded
marginally back to 80% of a single month’s supply. Remember a balanced market is 6 months’ supply!
You can imagine the bidding wars that are occurring as a result.
In January Homeowners averaged 2.1% above asking price. This means most sales
involved Bidding Wars. In February as
months’ supply dropped, Homeowners averaged 114.7% of asking prices. In March this
dropped marginally to 108.7% of asking prices and stayed at this level, even with
a larger number of homes coming to Market in April finishing at 108.2% of
asking price. In March and April, it took only an average of 8 days to sell a
home in Woodstock.
Let us look at sales across the City. In January we started
the year with 35 homes sold in the City. In February, this number increased to 70
homes sold, in March this jumped to 105 homes sold and finally in April things
leveled marginally to 97 homes sold.
With this unusually tight inventory of homes available, what
did this do to prices? In December, we
finished the year with a record of $539,604 above the average home across
Oxford County. January showed a jump of 10.3%
to $595,379. In February, a further jump in value to $630,727, March delivered
another value increase to $632,283 and we finished April with a final average
increase for the first 4 months of 2021 of 16.6% delivering a new average price
for the month of $629,253.
Ingersoll:
In January there were 25 new listings, February 20 listings,
March 15 listings and finally in April only 19 homes came to Market. When added
to the few remaining previously listed homes, the inventories of available homes
remain limited. Supplies dropped from a high in January of 3 1/2 months’ supply
for the slowest selling time of the year, to about ¾ of month’s supply in February,
and in March and April the number of available homes dropped to about ½ of a
single month’s supply. Remember a
balanced market is 6 months’ supply!
You can imagine the bidding wars that are occurring as a result.
In January homeowners averaged 1.5% above asking price. This means most sales
involved Bidding Wars. In February as
months’ supply dropped, Homeowners averaged 120 % of asking prices. In March this
dropped marginally to 118.8% of asking prices and in April fell marginally to 116.3
% of asking prices. In March it took 21 days to sell a home and by April it
took only an average of 11 days to sell.
Let us look at sales in Ingersoll. In January we started the
year with 7 homes sold across Municipality. In February, this number increased
to 25 homes sold, in March this number of homes sold rose to an average 38 for
the months of March and April.
With this continuing tight inventory of homes available, what
did this do to prices? In December, we
finished the year with a record here, as well, of $540,876, (based only on 9
homes sold) which was also above the average home across Oxford County and
Woodstock. January showed a jump of 24.5%
to $673,414 (based on only 7 homes sold). In February, a drop in average value to
$555,184, March delivered a solid value increase to $587,615 and we finished April
delivered an overall increase after the first 4 months of 2021 of 16.6% when
compared to December of 2020, delivering a new average price for the month of $601,280
for the Municipality.
Norwich Township:
In January there were 14 new listings, February 10 listings,
March 12 listings and finally in April only 11 homes came to Market. Wadded to the
few remaining previously listed homes the inventories of available homes remain
limited. Because of only a limited number of sales in this area, January came
in at 80% of a single month’s supply (for the slowest selling time of the year).
In the month of February, though to the end of April, the number of available
homes dropped further to what is defined as almost “0%“ of active inventory. Remember a balanced market is 6 months’ supply!
In January homeowners averaged 97.4 % of asking price. With few
Bidding Wars. In February as months’
supply dropped almost 50 %, Homeowners averaged 100 % of asking prices bringing
on the Bidding Wars. In March this competitive activity increased to 105.3 % of
asking prices and in April it fell marginally to 100.7 % of asking prices. In March
and April, it took only an average of 15 days to sell the average home.
Let us look at sales across the Township. In January we
started the year with 11 homes sold across Township. In February, this number
increased to 20 homes sold, in March this number of homes sales rose to 18. In April, this number settled at 16 homes
sold.
With this continuing tight inventory of homes available, what
did this do to prices? In December, we
finished the year with a record here, as well, of $624,361, also above the average
home sale price across Oxford County and Woodstock. January showed a jump of 24.5% to $770,727. In
February, we saw a drop in average value to $699,460, March delivered a solid
value increase to $744,939 and we finished April with an overall increase finishing
the first 4 months, month by month, of 2021 of 102.7%, delivering a new average
price for the month of April of $641,197 for the Township. The sales in
February and March when added to the 12-month average will push the average increase
up significantly.
Summary:
Always remember, I am here to help in any way that I can be
of service to you and your family.
First, I have a message for First Time Home Buyers. In this crazy on-going Covid
Market, you may need Family support for the down payment to help you bid 10% to
15% over the asking price. The first step
is to get pre-qualified by a Mortgage Broker or your Bank and try for a open mortgage.
Once you find out what you can reasonably afford, plan to bid above the asking price
as described above with a Cash, Non-Conditional Offer with a short closing if
you are renting. With the average price
running up +20% you will be able to pay back Mom and Dad within 12 months. As your Realtor, I will investigate market
values in your planned neighbourhood and provide comparable sales.
Now for you Move-Up Buyers, now is the best time to use some of that equity that you have built up over the last year. The first step is to get pre-qualified by your existing mortgage holder and outline how your new mortgage will be blended without penalty. Once you find out what you can reasonably afford, I will evaluate the Market Value of your home and outline all contingencies at no cost to you. This will give you the ability to safely overbid the asking price with a Cash Non-Conditional Offer and a closing of 2 to 3 months. If priced reasonably, you can expect the same over-bidding that you are making. Your equity will cover the excess price on Closing. With the average home selling within 2 weeks, the risk is virtually non-existent.
Lastly, if you do not have to sell, this is the worst time to do so! Every day that passes brings increased equity to our current homeowners.
I am here ready to assist!
Do not wait, pick up the phone, or email and I will be at your side, looking after the best interests of You and Your Family!
Just Call:
Cell- 519-535-3975
Home Office- 548-688-8833
Email- gib@youtfavouriterealtors.com
MLS connected Website – https://OxfordProperties.ca
