Real estate listings very low currently, so good homes are selling quickly
Sales in July in WIDREB area out-numbered new listings
By Mark Schadenberg
Statistics may tell you the hard truth,
if you believe the numbers.
My belief is that 'perception is
reality' and if that is a certainty than our Woodstock – Ingersoll
real estate market (WIDREB) is currently very low on good listings to
show people ready to buy.
When that reality arrives, and its has,
it's frustrating for a Realtor with active buyers who are scratching
their forehead wanting to know why they can't find a home that meets
their criteria. Currently, for example, the total number of active
listings in Woodstock alone in the $200,000 - $250,000 bracket is
just 21. There's the proof – there's not a long list of houses to
consider.
In July locally, total sales out paced
new listings by a count of 153 – 140, so the inventory has been
reduced one more time.
Entering August, there were 389 current
listings in all of WIDREB, which includes Woodstock, Ingersoll,
Innerkip, Norwich, Burgessville, Sweaburg, Beachville, Drumbo, Embro
and all points in between.
To add proof to the pudding, we can
consider July 2014 when there were 121 sales and 196 new listings. In
July of 2013, as a comparison there were 122 sales and 202 new
listings. Considering that some listings never sell (expired, priced
too high, vendors decide not to move, etc), I would state that any
month where sales are more than 70% the total number of new listings
would be the exception.
Total reported sales for July were 163,
but that includes multi-residential properties and commercial.
If you look back to the last four
years, July of 2015 was very active (121 sales in 2014, 122 in 2013,
96 in 2012, and only 95 in 2011).
One stat I am surprised by as the total
listings at a low number, is the average price of a residential home
(including semi-detached and condos) went down in July of 2015 to
$244,233. That price is actually lower than all three of the past
three years – 2014 at 250,184, 2013 at 249,447, and 2012 at
252,056. Those numbers paint a contradicting picture, but once you
consider 2010 was at a average price of $206,233, you can see that
investing in a roof over your head is still and always a good idea.
You can search out historic stats at
www.widreb.ca,
but the market continues to be strong due to very low interest rates,
which should make it easy for someone with built-in equity in their
current home to move up to a larger family house.
If you bought your current house in
2010 or earlier, contact me soon for a visit and the math on
converting your equity into a larger home without increasing your
monthly mortgage payments. Keep in mind, your taxes would likely go
up and your utilities also, but without increasing your amortization
period, you should be able to relocate to a larger home with no extra
mortgage payment commitment.
LINKS:
Mark
Schadenberg, Sales
Representative
Senior
Real Estate Specialist (SRES designation)
Royal
LePage Triland Realty Brokerage
757
Dundas St, Woodstock
www.wesellwoodstock.com
(519)
537-1553, cell or text
Email:
mschadenberg@rogers.com
Twitter:
markroyallepage
Facebook:
Mark Schadenberg, Royal LePage Triland
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