Statisticians would say high sales numbers are surprising as total number of listings is quite low
By
Mark Schadenberg
If
you accept the challenge, the medieval sayings is that you are going to “thrown
down the gauntlet”.
I’m
therefore curious: What is a gauntlet?
The
heavy armoured gloves worn by combatants in a duel are called a gauntlet, so in
a era long ago, there was two terms to throw down the gauntlet to make a
challenge and then for the opposition to accept the battle they would take up
the gauntlet.
The
Woodstock-Ingersoll district real estate market (WIDREB) appears to be ready to
accept the quest of attempting to out subdue the sales totals of 2005 when
1,473 transactions were recorded in one calendar.
With
141 transactions tabulated for October, the 10-month total now stands at 1,346
– just 78 short of last year and only 127 away from the remarkable 2005. The
benchmark is always 2005 as that was year when Toyota announced it was to build
a manufacturing facility in Woodstock – a factory which would open in the
autumn of 2008. The Toyota news in June of 2005 was considered a poorly kept
secret as the land consolidation by Oxford County and the City of Woodstock
(Purchasing or expropriating property from land owners and negotiating a
boundary adjustment with Blandford-Blenheim Township which would encompass half
of East wood and travel east to Blandford Road.)
When
we look at the 10th month in the calendar, for example, in 2011, there
were just 52 sales in October.
These
are the exact numbers I post almost monthly as the year-end figures are a true
comparison.
Year-By-Year
Numbers (Totals in WIDREB)
2015: 1424
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: 1242
INVENTORY
IS LOW
The
supply and demand scale certainly still favours the sellers as new listings in
October were only 149, while the previous 4 year were: 141 (2015), 174 (2014),
150 (2013) and 171 (2012).
If
you’re interviewing a Realtor to possibly list your home or to assist you in a
purchase, be sure to quiz them on the recent stats as the numbers truly do set
the stage for the process of buying / selling currently. After that appointment
is done, call me.
MISLEADING
AVERAGES?
Since
there were 2 farms sold for a total of $3,900,000 in October, and because
WIDREB does not remove those numbers from the big picture, the average sale in
October was a record -- $322,338, which is a dramatic increase over the October
2015 announcement of $264,509. There were also 14 sales recorded between
$500,000 - $749,000, while the first 9 months of the year had a total of 35 (3.89
per month) in that high price bracket.
OTHER
AREAS
Woodstock
is certainly not the only geographical area setting records as Winnipeg is on
pace to beat its best-ever year of 2007. The Manitoba city had 1,138 sales
reported in October. The 13,079 record from 9 years ago will likely be broken.
The average sale price for a detached home is 303,660, which marks a 3%
increase this year. (See link below).
Closer
to home – the London Free Press this month (November) already has printed
stories about new construction in Old South (In fill or replacing older homes),
and the fact residential construction starts are at record levels, including
surpassing 2015 already. The Canada Mortgage and Housing Corporation (CMHC)
also tracks vacancy rates in major markets, which is a statistical device
builders use to indicate a great time to build new rental (multi-family) projects.
The
London - St Thomas Association of Realtors (LSTAR) is always quick to report
its numbers as a Nov 3 edition of the Free Press noted that October sales of
825 easily set a new record as the old standard for October was 2007 and that
was 711 firm deals.
LINKS:
http://www.brantfordexpositor.ca/2016/11/04/building-activity-remains-steady-in-brant
http://www.therecord.com/news-story/6954476-cambridge-hears-plans-for-big-new-subdivision/
http://www.therecord.com/news-story/6954476-cambridge-hears-plans-for-big-new-subdivision/
Mark Schadenberg, Sales
Representative
Senior Real Estate Specialist
(SRES designation)
Royal LePage Triland Realty
Independently Owned & Operated, Brokerage
757 Dundas St, Woodstock
(519) 537-1553, cell or text
Email: mschadenberg@rogers.com
Twitter: markroyallepage
Facebook: Mark Schadenberg, Royal LePage Triland
Discussion . . . Direction . . . Determination . . .
Destination
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