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 November 2017 was $353,474, rising 19.4% from November 2016.
Avg. Price Year-to-Date
The year-to-date average price was $341,454, up 18.9% compared to this time in 2016.
Units Sold in Month
Just 98 residential units were sold in November, down 17.6% from a year earlier.
Units Sold Year-to-Date
Year-to-date home sales numbered 1,622 units, up 9.3% from this time last year. This continues to lead all years on record.
Active supply is trending at all-time lows. There were just 184 active residential listings on the Board’s MLS® System at the end of November 2017, down 22.4% from levels at the end of November 2016.
Number of New Listings
New residential listings coming to market in November amounted to 95 units, down 28.6% from a year earlier. This the lowest number of listings since November 2002.
Months of Inventory
There was just 1.9 months of inventory at the end of November 2017, matching the 1.9 months at the end of November 2016 which remains a record low for this time of year (There was 3.1 months of inventory on hand at the end of Nov.2015). 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
Winter Blues Start Early For Buyers:
With falling levels of new listings coming to market since the summer, trying to find a home you love just gets harder. There is still quite a demand out there to buy, especially among younger buyers, but it’s the same old tune of the “No Inventory Blues”. As winter approaches, it is hard to imagine inventory suddenly being replenished with new listings. Having said that, there are properties out there although they may not fit all your needs, and may very well require some elbow grease. The key is to be ahead of the game with your mortgage financing pre-approval and be ready to “jump” when the right home arises.
Sellers Could Make Gains:
Low inventory levels and a continued buyer demand could make listing your home this winter a big gain for your pocketbook. The average home price in November rose to $353,474, quite a bit above the year-to-date average price of $341,454. With new listings coming to market in free-fall mode, homeowners who get their property listed this winter can expect little competition in their neighbourhood and quite possibly plenty of competition from buyers, increasing sales figures. Read my blog post regarding the “Advantages of Selling Your Home in the Winter“.
If you have any questions regarding the local real estate market, please feel free to contact me here.