I'm curious what local real estate market would be like if there were actually more listings?
By Mark Schadenberg
There are 12 months is a year -- everyone knows that, but WIDREB real estate sales for the 12th month will all be gravy as the Woodstock-Ingersoll board geographical area has already topped 2014 sales totals.
While people often think about family and Christmas tinsel in December, sales in November were very brisk with 108 units sold.
If you look at the year-end numbers dating back to 2005, you can see that 2015 with 11 months completed is a strong year in the local market as sales totals so far for this year are: 1287, which tops last year (first 11 months) by more than 11%, but also tops year-end totals for every year dating back to 2007.
FINAL Year-End Totals
2014: 1180 2013: 1252
2012: 1066 2011: 1158
2010: 1216 2009: 1080
2008: 1176 2007: 1359
2006: 1278 2005: 1473 (Correct)
Average for past 10 years: 1224
Another good news item -- this time specifically for buyers -- is that new listings were numbered at 109, which means the inventory actually increased by 1 (one) in November.
The number of active listings continues to be quite low -- in reality very low when you look back to recent years.
The WIDREB website does delve into more particular stats such as seasonaly adjusted reports, average prices of detached homes versus condos, and calculating when and if we have a blanced market.
WIDREB Press Release
LONDON - ST THOMAS
Down the road, the story is a mirror as November of 2015 topped the 11th month of 2014 by more than 8%. (626 versus 577)
The LSTAR numbers are posted below in a link, but the trend all year has seen impressive sales numbers, which in-turn are driving up average sale prices, which in November were $282,348, which is a 12-month increase of 4.4%.
When the stats average in all residential sales, including condo apartments, the overall average is $264,654, which marks a rise of 4.1% over November of 2014.
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The headline on the LSTAR website describes sales as robust. Also from LSTAR:
According to recent research conducted by the Altus Group, one job is created for every three real estate transactions and approximately $55,000 in ancillary spending is generated every time a house changes hands in Ontario.
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CHATHAM AREA
In Chatham-Kent, Realtors are expecting their best year since 2008.
November of 2015 was an astounding 32% higher than 2014. The association's president notes that November of 2015 was terrific, but the same month in 2014 was well below average.
“Home sales activity is currently running right in light with historical averages, with November’s big year-over-year really just a reflection of how quiet things were in the same month last year,” said association president Jamie Winkler in a Chatham Daily News story.
KITCHENER-WATERLOO
Steady was the word used in the KWAR news clipping for November results, but reported MLS sales totals were actually up 9.8%. (413 compared to 376).
KWAR press Release:
Single detached homes in November sold for an average price of $412,581 an increase of 8.2% compared to last year. The average sale price for a condominium was $225,341, an increase of 7.3%, while townhomes sold for an average of $313,015 (up 13.8%). The average sale price of all residential sales through the KWAR’s MLS system increased 6.7% to $350,703 compared to November 2014. The full release of numbers from the K-W region are noted in the link below.
GUELPH
See www.gdar.ca for the entire details, but the Guelph market is always interesting to watch as it reflects the fact that many people are departing the edges of Toronto to instead live in the vicinity of Toronto, so new subdivisions are exploding. Home buyers think there's too much commotion in Mississauga so they drive down the 401 and find Guelph.
The Guelph district had 302 sales in August, which was the highest number ever for that particular month, and overall sales after 8 months was almost 14% higher than 2014. Not to be a pundit, but I'm curious why the association's site doesn't report more current data.
NIAGARA REGION
A lack of listings is the story in Woodstock-Ingersoll, but you could paint a similar picture in the Niagara Region as new listings in October were down by about 70 units when looking back to 2014, but sales were 93 higher. The chart is below.
Just for the fun of it, here's a link to latest results in the North Bay area -- a good November there too. http://creastats.crea.ca/noba/
LINKS:
www.widreb.ca
http://www.lfpress.com/2015/12/07/robust-real-estate-sales-continued-in-the-london-st-thomas-area-in-november
http://www.lstar.ca/news/sales-continue-robust-november
http://www.kwar.ca/home-sales-remain-steady-in-november/
http://www.chathamdailynews.ca/2015/12/07/c-k-home-sales-on-track-for-best-year-since-2008
www.gdar.ca
http://www.guelphmercury.com/news-story/6084697-guelph-unemployment-rate-climbs-but-still-lowest-among-canadian-cities/
http://creastats.crea.ca/guel/
http://creastats.crea.ca/natl/index.htm
Mark Schadenberg, Sales Representative
Senior Real Estate Specialist (SRES designation)
Royal LePage Triland Realty Brokerage
757 Dundas St, Woodstock
www.royallepagetriland.com
(519) 537-1553, cell or text
Email: mschadenberg@rogers.com
Twitter: markroyallepage
Facebook: Mark Schadenberg, Royal LePage Triland
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