Prices across Oxford County have risen $3,541, on a year to
date basis, since January 1, 2014. This
represents a 1.5% increase in value. The average home now sits at $241,646. Unit
sales are down marginally by 4.2%, finishing the 10 month period at 870 units
sold. We moved 38 fewer units in the
first 10 months of 2014 than the same period in 2013. Inventories are in balance with the exception
of Blandford/Blenheim and East Zorra.
These 2 areas have higher inventory as a percentage of sales and as a
result, would be more prone to some negotiation on price. All other areas are well in balance.
Woodstock
Prices have
risen 4.5% or $10,352 since January 1, 2014. The average price of a home now
sits at $238,771 slightly below the average for the County. Unit sales are down
marginally by 18 homes. This represents
a decline of 3.3% again slightly below the decline experienced across the
County. The on hand inventory of homes available for sale currently is down 4.8%
from October 2013. There is
approximately 4 months with of sales currently listed. This would indicate that prices will continue
to rise. If inventories increase
significantly during this quieter time of year this will change the value of
that increase. We can expect between 3%
and 5% based on the current trend. A
successful sale requires a price to Market.
An overpriced home will not sell.
The consuming public is still looking at Location, Price and
Condition. Sellers are getting 98% of
asking and 67% of all homes listed are selling though without expiring. This is the highest ratio in years. It is
driven by supply and demand.
Homes that
are properly updated, effectively staged and freshly decorated will move
quickly. The “less work” the buyer has
to do on move in is in direct relationship to the price they are willing to
pay.
Ingersoll
We have
often stated that the average difference in the value of a home in Ingersoll
and Woodstock has historically been about 10%.
A few years ago we did advise our Clients that homes in Ingersoll were
undervalued compared to Woodstock. The average price difference for 2013 was
10.5%. Everyone will now be pleased to know that this difference in value for
2014 now sits at 6.8%!
Let’s review
the performance. The average price of a
home in Ingersoll now sits at $222,488 this represents a whopping increase of
$18,008 or 8.8% across the community.
Unit sales are also up in this area, bucking the County trends. Remember that the sales base in Ingersoll is
Under 200 units per year. Currently unit
sales are up 2.5% or 4 units on a base of 162 sales. The Town of Ingersoll sold
more homes in October than new listings that were added. Inventories remain
low. This would indicate further improvement in values over the year ahead
assuming inventories stay in line.
However, In spite of this logic, Ingersoll has experienced lower pricing
when inventories have been tighter in the past.
Prices should increase.
Norwich, Blandford/Blenheim,
Zorra Township, East Zorra, South West Oxford
Sales in these districts are much smaller on a month to
month basis. We would be pleased to provide specific in-depth marketing
information at absolutely no cost upon request. Please email us at gib@yourfavouriterealtors.com
or call our Woodstock home office direct at 519-421-2626
Buying A Home?
What does all this mean to you as a prospective Buyer? Prices across Oxford County average
$238,771. This is well below the
provincial average of over $400,000. In
other words “affordability” still exists in our Market. Prices have never exceeded a 10% increase in
value like other markets. Woodstock, Ingersoll
and surrounding area is place you would be proud to call home. Location
provides easy access to all parts of Ontario based on access to the 401 and 403
systems of highways. Not much real fear
of a “market correction” here..
Interest rates are holding firm. Any increase of rate is
forecasted at no more than ½% over the next few years. Don’t let the Press scare you.
There is no better time to stop wasting rent money which
adds to the coffers of a landlord while missing out on “market appreciation” (tax
free) and building equity by paying down a mortgage.
·
Want to know more about the Home buying process?
·
Been in your current home for a long time and need to find
out how the market works today with Buyer and Seller agents?
·
Just want to know what your home is worth?
Pick up the phone,
give us a call (no obligation) at our Woodstock home office
519-421-2626
or
Email us
gib@yourfavouriterealtors.com
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