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 January 2018 was $356,871 rising 9.2% from January 2017. This sets a new record.
Avg. Price Year-to-Date
Units Sold in Month
76 residential units were sold in January, down 25.5% from the record January 2017.
Units Sold Year-to-Date
Active supply continues the trend downwards at all-time lows. There were just 165 active residential listings on the Board’s MLS® System at the end of January, down 17.5% from levels at the end of January 2017.
New listings numbered 110 units in January, down 11.3% from a year earlier. This is the lowest level for the month in 30 years.
Months of Inventory
There were 2.2 months of inventory at the end of January, up slightly from 2.0 months at the end of January 2017, but still far below the long-run average 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
Although inventory numbers from the month make most of us in the business cringe with fear, overall it seems to have been a typical January. The winter months usually bring low new listings and low sales. The record average sale price for the month is unusual but really should not be that surprising anymore. Low inventory, coupled with strong buyer demand (I seem to be writing the same thing over and over again for the past 2 years) pushes prices up as we see a rise in competing offers.
I believe I first wrote about the impending Seller’s market back in the Fall of 2015 as inventory levels began to tank and average price started the upward climb. So here we are 2 1/2 years later, even with a few market blips along the way, I really have nothing new to say. Government policies to cool the market and rising interest rates haven’t had a large effect locally as Buyers are still buying, and Sellers are getting top dollar for their properties. Until homeowners all get the urge to sell at the same time, or Buyers’ demand dwindles, we will constantly be in this low inventory struggle.