Total number of residential listings continues to be well below average
By Mark Schadenberg
The Woodstock-Ingersoll
District Real Estate Board (WIDREB) has released the 2015 numbers for
October and it's great news for people selling homes, but proves that
the inventory of available homes on the market continues to be quite
significantly low.
In the WIDREB
(Incorporated in 1956) trading area in October (Rural / village
communities include Innerkip, Norwich, Beachville, Sweaburg,
Thamesford, Salford, Embro, Burgessville, etc), sales were down
slightly from October 2014 by a margin of 122-116, but when you
compare to recent years, the number was actually impressive – 104
in 2013, 90 in 2012 and only 79 in 2011.
Below: From WIDREB Press Release
You can peer at the
excerpts of WIDREB press releases attached herein, but the low number
of listings indicate that any well-priced home in relatively good
condition and located in an average neighbourhood, will (should) sell
quickly. You could use the analogy of walking into a hardware store
and discovering shelves mostly empty, so it will not be possible to
sell 50 adjustable wrenches in one month if there are only 25 in the
display cabinet.
I have stated in this
space previously that if it is your desire to sell in the next months
– no matter what the reason – now is the time to be on the
market. If this is the fall you plan on moving to re-locate to an
apartment for lifestyle reasons, for example, sales prices are
strong.
I always define the bottom
line on 'market value' is it can be reflected by the amount 'someone
is willing to pay for a property'. When the market is more balanced
and not favouring the seller, market value descriptions include terms
like 'equally motivated buyer and seller', 'a home marketed over a
reasonable length of time', and value is also defined by dated
elements versus like-new features, location, and amenities such as
number of bedrooms.
Our WIDREB board said
farewell to October with only 362 active residential listings, which
is about 25% lower than October of 2014. Nothing sums up the
scenario better than the previous sentence.
Keep some consideration
for the idea that these numbers are only for sales reported by
Realtors through the WIDREB board, so private sales and some brand
new construction contracts (Senators Homes sales, for example, are
not posted on WIDREB stats) are not factored in, but that small
sideline market is always moving at a parallel pace.
If you know someone
considering a sale in the next few months, or you fit that
description yourself, contact me now as there is always a checklist
of items needed to prepare your home for market. You may perhaps
require an auctioneer to remove a few items for sale. I know a local
company which sells (big or small; inexpensive or rare; antique of
just-about new) via online consignment auction if you're not thinking
of attempting the Kijiji system yourself. I will elude to three of
these area companies in a future posting here.
Overall in 2015, WIDREB
sales numbers through 10 months are 1235, which tops 2014
significantly at 1184, but trails the 2013 total of 1254. If you want
to see year-end numbers dating back to 2004, simply scroll back a few
posts as I have published those numbers several times this year.
DOWN THE ROAD
In the meantime, it's
important to note similar numbers have been posted in the adjoining
London – St Thomas (LSTAR) board district. The link below from the
London Free Press is quite abbreviated this month, but October
featured 695 reported sales versus 698 in October of 2014. Also,
active listings in October were down more than 11% for detached
homes.
LINKS:
www.cmhc.ca
Improving your home's value:
http://www.thestar.com/business/personal_finance/2015/11/09/7-home-improvements-that-cost-less-than-a-fancy-dinner.html
Improving your home's value:
http://www.thestar.com/business/personal_finance/2015/11/09/7-home-improvements-that-cost-less-than-a-fancy-dinner.html
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
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