Average sale prices continue to see a remarkable increase
By
Mark Schadenberg
The
numbers are in.
The
February report for sales within the Woodstock-Ingersoll District Real Estate
Board trading area indicates 147 transactions, compared to 87 in the second
month of 2016.
Astounding!
Keep
in mind that 2016 set new records in total sales as this chart shows:
Year-By-Year
Numbers (Totals in WIDREB)
2016:
1545
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
If you look back to February in recent years you can
also see a trend. Sometimes the monthly results are indicative of the weather.
Here is February stats (Two month total) as we look
back the last 7 years.
2017:
147 (253)
2016:
87 (165)
2015:
89 (170)
2014:
68 (112)
2013:
103 (178)
2012:
83 (146)
2011:
90 (164)
2010:
88 (149)
Of the 147 sales in February, the WIDREB stats can
be further defined (or broken down) by noting 140 were residential sales,
followed by 2 multi-family properties, 4 vacant land, and 1 commercial deal.
The total value of these sales passed $50 million
for the first February ever. In 2014, for example, the total value was actually
below $17 million.
I’m the first Realtor to point out that the number
of sales also translates into business volume at hardware and furniture stores
for everything from appliances to paint, and drywall to kitchen cabinets, and
ceiling fans to furnace filters and water softeners.
A chart here is included for average sale price of a
residential house, and the numbers do reflect reality as a house in Oxford
County is increasing in price, but read the story below about
Kitchener-Waterloo where the market is much higher.
Inventory is low as the total number of active
listings when February ended was just 196 in the WIDEB area which also includes
Innerkip, Norwich, Sweaburg, Beachville, Thamesford, Embro and north to Hickson.
If you like looking at bar graphs more can be found
at our board’s website of www.widreb.ca
LSTAR
As I’m a proud staffer of Royal LePage Triland and our 250+ Realtors in Oxford, Elgin and Middlesex counties, I receive reports from London often. Below are two charts showing the changes and fluctuations in interest rates dating back to the 1980’s, and a bar graph which depicts the average sale price of detached homes in London over recent years.
As I’m a proud staffer of Royal LePage Triland and our 250+ Realtors in Oxford, Elgin and Middlesex counties, I receive reports from London often. Below are two charts showing the changes and fluctuations in interest rates dating back to the 1980’s, and a bar graph which depicts the average sale price of detached homes in London over recent years.
Read the press release below from the London - St Thomas board.
K-W
Proof
is in the pudding. I’m not sure I like that adage, but it’s true currently with
families moving from the Kitchener / Cambridge area to Woodstock both for
employment and affordability.
Toyota
opened its doors in the fall of 2008 in Woodstock, but the influx of population
numbers seems to have been delayed by 8 years as the average detached home in
the K-W region now sells for almost $550,000. The average of all homes, including
townhomes and condos is just under $465,000.
A
link to the K-W Record story is below and it’s interesting that their paper
says it’s an increase of immigrants from the GTA which is driving their prices
skyward.
The
real story is that active listings are about one-third in total number versus
February of 2016, so ‘supply and demand’ is a prevailing economic factor.
James
Craig, who is president of the K-W Region real estate board confirms there is
an unbalanced market of buyers far exceeding sellers, saying: “As long as we continue to have strong buyer demand, in terms
of people looking for that dream of home ownership, you'll be limited by the
supply that's put there. Until we can figure out a balance, it's going to be
hard to suggest it's going to change."
LINKS:
www.widreb.ca
www.widreb.ca
() () () () () () () () () () ()
Mark Schadenberg, Sales
Representative
Senior Real Estate Specialist
(SRES designation)
Royal LePage Triland Realty
Independently Owned & Operated, Brokerage
757 Dundas St, Woodstock
