Market statistics are supplied by the Woodstock-Ingersoll and District Real Estate Board. For full statistics, visit the Board’s website.
Average Residential Sale Price
The average price of homes sold in March 2018 was $371,595 rising 10.7% from March 2017. This sets a new record.
Avg. Price Year-to-Date
The average year-to-date average sale price rose 8.9% from this time last year to $365,300.
Units Sold in Month
140 residential units were sold in March, down 33.6% from the record sales in March 2017.
Units Sold Year-to-Date
Residential sales totalled 311 units so far this year which is a decrease of 33.8% from the record setting period in 2017.
Active supply continues the trend to all-time lows. There were just 213 active residential listings on the Board’s MLS® System at the end of March, up 0.9% from levels at this time last year.
New listings numbered 181 units in March, down 18.5% from a year earlier. This is an improvement over the 47.5% drop we noticed in February.
Months of Inventory
There were 1.5 months of inventory at the end of March, up slightly 1.0 month from the end of March 2017, but still far below the long-run average of 6.1 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
My Market Outlook
Sales in Line with 5 Year Average:
Although residential sales in March dropped by 33.6% compared to last year at this time, we have to remember that March 2017 was a record-setting month. Sales in March 2018 did fall in line with the 5 year average and nearly doubled the sales of the previous month.
Another Record Average Sale Price:
Just when I think that local prices couldn’t go higher, well it happened again. March set a new record in average residential sale price with a turnout of $371,595. The continuing increases we see in avg. sale price is quite telling. Not only is inventory (active listings) hovering around record lows, there is a buyer demand that just keeps flowing our way. Without this demand, prices would not maintain the climb it has been on for the previous few years. A vast addition of local inventory could help tame the rate of increases by providing a greater selection and saturating the market for buyers.
As I reflect on the past year, I don’t anticipate a sudden market shift to higher inventory levels. What I hear from local buyers and first-time buyers wanting to enter the market is a pent up frustration with pricing and lack of variety and selection. You can also include multiple offer scenarios at the top of the buyer frustration list.
When it comes to any market that sways favourably to one side, there will always be frustration on one hand but total delight on the other. Local sellers are in an enviable situation. It is difficult to beat a 54% increase in average home sale prices since March 2015.
If you are considering selling or would just like a better idea of what your property is worth, please feel free to get in touch with me for a free, no-obligation market valuation.