6 Month Market Update Woodstock Ontario 2011

YOUR 2011 SIX MONTH REVIEW OF SALES

Year to Date Sales (June 30, 2011):

This report only looks at “Residential” Sales. Condominiums, rental unit, farms, and commercial ventures are not included.

Since January 2011 prices decreased marginally by less than ½ % ($1,051.00). They are holding.  We had stronger monthly results for prices in June.  The average house price in Woodstock now sits at $210,890 y.t.d.

Unit sales are off 10.1% on a year to date basis. Units sold now sit at 285 homes versus 317 for the same period in 2010.  June is the strongest month of the year and sales actually rebounded up 17% for the month versus June 2010.  This is a good indicator that the market is still showing solid activity at a slower overall rate.  The HST came in  July 2010 and sales levelled out for the balance of 2010.  We should see numbers similar to the balance of 2010 for the rest of the year.  The first half of 2010 was a record sales period, prior to the introduction of the HST.

The average List to Sell Ratio is only 52% down 1% from 2010.  What does this mean?  It means that only 52% of the homes listed every sell.

Of concern is the fact that the number of homes being offered for sale is on the increase.  In June in Woodstock specifically 105 homes were added to the existing listing base with only 55 selling through. At the close of the month we had 384 homes for sale with 285 homes sold since January.  This indicates we have moved into a BUYER’S MARKET (when 6 months supply is exceeded).  This will put pressure on prices if it continues.

Sellers are getting 97% of the listing asking price on closing.

Based on this market information being properly priced is absolutely critical.  There is no doubt that in the event that inventory grows that there will be some pressure on pricing.  The press is projecting a 25% adjustment downward in pricing on a National basis.  We have not experienced the double digit increases experienced in Toronto, Alberta and B.C.  If correct our adjustment will be much less. 

If a sale is in the cards...

it is important to list now and at market price!