The average price of homes sold in September 2017 was $338,368, rising 20% from September 2016.
Avg. Price Year-to-Date
The year-to-date average price was $342,419, up 21.2% compared to this time in 2016.
Units Sold in Month
83 residential units were sold in September, falling 28.4% from a year earlier.
Units Sold Year-to-Date
Year-to-date home sales numbered 1,283 units, up 10.1% from this time last year. This continues a record trend for the year with the majority of units sold coming within the first half of the year.
Active supply has begun to trend higher over the past few months. There were 302 active residential listings on the Board’s MLS® System at the end of September, up 19.4% from levels at the end of September 2016.
Months of Inventory
As residential sales moderate, the months of inventory tend to creep upward. At the end of September, inventory sat at 3.6 months, up from 2.2 months at September 2016. 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.
Market statistics are supplied by the Woodstock-Ingersoll and District Real Estate Board. For full statistics, visit the Board’s website.
My Market Outlook
Is the GTA Affecting Us?
As the graph above shows, the market sales trend has begun to nose dive over the last 2 months. Months of inventory on hand has come back to our normal average levels as buyer demand (and possibly fatigue) in the area has fallen off recently. The large gains we noticed in the first half of 2017 were due in most part to the purchasing power of out-of-area buyers relocating to the Woodstock-Ingersoll region. I believe this trend has slowed for the time being in part due to new government rules regarding mortgage qualification and also legislation affecting the Toronto area. More home-owners may be more inclined to stay in the GTA as prices level off significantly and returns on their investment are no longer paying off as it did earlier in the year. This will have an impact on our local market.
Priced Right, Will Sell
Average prices still hover around the $340,000 mark locally but we have seen more listing prices being reduced and less competing offers. The affect of competing offers in the early part of the year pushed prices to all time record highs. With this no longer being the case (currently anyway), residential home prices are now stabilizing and some are even trending downward. There are still plenty of homes in the low to mid-price range appealing to first-time buyers that are selling fairly quickly. Proving once again that if your listing is priced right, it will sell.
Welcome Back Local Buyers!
Local buyers now have a much better shot at getting back into the market where they are able to negotiate a fair offer without the discouraging effect of competition and without breaking their budget. It will be interesting to see how the trends unfold over the coming winter months as it usually is the slowest season of the year for real estate sales. Could the market get even better for buyers?