2011 Year End Sales Activity Ingersoll Market
Unit sales have fallen 8.1% for the 12 month period ending December 31, 2011 when compared to the same period for the previous year. Unit sales now sit at 170 homes sold versus 185 in 2010. This market has been under inventoried and this may have caused buyers to look elsewhere. (We explain this statistic below) The decline stopped in June and sales were flat for the balance of the year when averaged out. It must be remembered that the decline in the first 6 months was due to huge sales increases in 2010 as Buyers rushed to avoid paying the new HST that was being implemented in July 2010. HST was not applicable on resale homes. Only new homes over $400,000 and all services such as lawyer and realtor fees were charging the new HST.
On the other hand prices are holding. Prices in Ingersoll actually rose nicely up 3.4% ($6,522) for the 12 month period ending December 31, 2011 finishing up at $197,167.
The number of active listings currently sits at 42 versus 691 a year ago. Based on year-to-date sales, this translates into 3 months supply, well under 6 months which by definition is a balanced market. This is an important statistic when selling a home because there are very few comparable properties to choose from. This may change as we move forward, however this would currently a Seller’s Market!
It is therefore surprising to see that Home owners are getting only an average of 96% of asking price. It is clear that they could be less flexible in their negotiation. If priced properly, the average time to sell a home in this market is 83 days unchanged from a year ago. The time it takes to sell a home obviously increases dramatically in the winter.
Homeowners that listed a home for sale in 2011, typically had a 69% chance of a Sale! This figure is up from a year ago when it sat at a 64% chance of selling during the listing period. This market offers a 21% better chance of selling an average home than the rest of Oxford County where the average was only 57%.
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