Same story can be told in London area as new year begins
By
Mark Schadenberg
It’s
hard to believe maybe, but the average price of a detached home in Woodstock is
higher than the average in London.
The
year-end numbers for 2016 are rolling in and almost every market can echo the
same terms – impressively high sales numbers and often new records, plus an
increase in average prices by about 20% over the past 12 months, and low low
inventory.
Total
sales in the Woodstock-Ingersoll district trading area were 1,545, which tops
the best year of 2005 by quite a margin.
Transaction
totals for December were 77, but note the numbers from recent December results.
2016,
77 2015, 78 2014, 59 2013, 60
2012,
48 2011, 53 2010, 69
The
lack of listings is certainly a force in driving sales prices higher, but other
factors are apparent including low interest rates and the on-going predominate
trend of GTA buying traffic moving into southwestern Ontario. Even the London –
St. Thomas board (see link below from Free Press) talks about the Toronto flow.
How far are folks willing to commute?
I have stated in the past 18 months or so
that the Woodstock area is flooded by buyers from Guelph, Kitchener, Waterloo
and Cambridge as young first-time buyers simply can’t afford those markets.
However, if one spouse works in London and the other in K-W, it is not a far
stretch to see that family reside in London and one partner travel to the K-W
area for employment.
I
truly believe my submitted contributions to my site about real estate in
general, but most certainly these sales totals reviews, are a great resource for
consumers. Scroll back over the months of 2016 to note that our statistics were
trending very high all year.
Here
are more highlights from year-end stats.
1
- Between $300,000 – 349,900 in 2016 sales were 211 as compared to 144 in 2015.
Again, an indicator that prices are moving upward significantly.
2
- Between $140,000 – 199,900 there were 219 transactions, while in 2015 the
number was much higher at 323. This makes you think that the under $200,000
market is gradually dwindling.
3
- Total number of listings in 2016 were 1,979 versus a 2015 total of 1,924, but
in 2013 that number was 2,061, and in 2008 was 2,753.
4
- Realizing that not all listings sell, there were just 348 expired listings in
2016 as opposed to 1,038 way back in 2008.
5
- The average sale price is $286,472. The average at the end of 2015 was
257,537, and in 2014 was 244,839, at the end of 2013 was 239,239, and 2012
ended at 232,496. There were a couple months in 2016 where the average
residential sale (all styles of homes) was over $300,000. Prices did not decrease in December, but averages smoothed out the high-end sales into the total picture. You can see that
modest increases in recent years became a substantial increase in 2016.
6
- I counted the exact number of detached homes TODAY available in ALL of Woodstock in
the wide open price bracket, and tabulated only 39.
In
these stats, I am not grabbing at anomalies or quirks as I’m truly painting an
accurate picture.
Note: Tillsonburg is actually not part of the WIDREB marketing area as it has its own real estate board which encompasses the area south to Lake Erie such as Bayham.
LINKS:
http://www.therecord.com/news-story/7051600-home-sales-reach-record-levels/
http://www.brantfordexpositor.ca/2017/01/10/2016-record-year-for-real-estate
http://www.brantfordexpositor.ca/2017/01/10/2016-record-year-for-real-estate
My December report:
My November report:
My October report:
My September report:
Different Story In Calgary:
* * * * * * *
Mark Schadenberg, Sales
Representative
Senior Real Estate Specialist
(SRES designation)
Royal LePage Triland Realty
Independently Owned & Operated, Brokerage
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