By Mark Schadenberg
Realtors
and statisticians, and Realtors who like analyzing numbers, have many
definitions for a market's current activity. I've heard various terms
over my 16 years in the business – buyers' / sellers' market, hot
or cold, high demand and low supply, hectic or quiet, bulldog,
multiple offers, sizzling, etc.
An
explanation for the latest stats can sometimes create perspective. For
example, can you possibly say it's a buyers' market in the Woodstock
area if the average listing is sold in three months or less. No. The
advantage in that case would be with the seller as homes are selling
reasonably fast and the inventory of listings is turning over
relatively fast. When you factor in our current historically low
number of listings, the advantage there would also be with sellers.
If
the average listing has had two price reductions and has been on the
MLS system for sixth months it therefore is a buyers' market. Or, the
home was simply over-priced to begin with.
Our
WIDREB (Woodstock-Ingersoll district) board is having difficulty
defining itself this winter because the number of listings is
significantly low. A motivated qualified buyer does not have many
homes to consider, in many of the price ranges below $250,000.
Look
at the provided charts which depict that the total number of possible
homes for a buyer to consider in the WIDREB trading area is low. The
prudent stats guy must then compare price ranges. How many homes are
currently listed in the most popular $225,000 - $250,000 range?
As
one chart shows, in 2014, 62% of all listings did sell, which is a
healthy sales-to-listing ratio and indicates that even though overall
sales totals were lower than 2013, several sold signs were seen.
Back
in 2009, less than half the homes on the market sold (See graph).
The
key factor might be the chart indicating month-by-month total
listings in WIDREB compared to 2012 and 2013 as we see that 2014
trailed in every month.
Sometimes
these stats are a little misleading as everyone has seen a house not
sell and suddenly re-appear on the market (new listing) with a
different Realtor. However, as this always occurs the long-term
averages will carry the day.
Look
at the year-end numbers WIDREB total sales below:
2014:
1180
2013:
1252
2012:
1066
2011:
1158
2010:
1216
2009:
1080
2008:
1176
2007:
1359
2006:
1278
2005:
1473
Average
for past 10 years: 1224
LINKS:
Mark
Schadenberg, Sales
Representative
Senior
Real Estate Specialist (SRES designation)
Royal
LePage Triland Realty Brokerage
757
Dundas St, Woodstock
(519)
537-1553, cell or text
Email:
mschadenberg@rogers.com
Twitter:
markroyallepage
Facebook:
Mark Schadenberg, Royal LePage Triland
Discussion
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