Market Update Woodstock 2011 Sales

Single Family Residence Activity

To December 31, 2011:

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

Since January 2011 prices have turned around since July report and have finished up month over month finishing the year up by 3.4 % In April, May & again in July prices were off marginally. However as expected home prices then showed strength through the balance of the year. The average house price in Woodstock has reached $218,102 based on a 12 month year-to-date average up from $210,810 for the previous year.

Unit sales for the city of Woodstock have rebounded nicely due to slow sales in last half of last year following the in introduction of the HST in Ontario.  At the end of June sales were down 10.1% on a year to date basis. Units sold now sit up 1.9% at 543 homes versus 533 for the same period in 2010.  First time home Buyers continue to enter the market drawn by low interest rates. 

The average List to Sell Ratio is only 57%. What does this mean?  It means that only 57% of the homes listed in Woodstock ever sell during the listing period. This number is up versus 2010 when it sat at 53%

The market at year end is slightly over inventoried at 264 active units unsold at year end.  This indicates we had moved marginally into a BUYER’S MARKET (when 6 months supply is exceeded).  This put pressure on prices. The traditional sales levels of January and February will not correct this.  As more properties come to market this will put pressure on Sellers as they give Buyers more choice (principle of “Supply and Demand”).

Sellers are still getting 97% of the listing asking price on closing. The average days on market before a sale is achieved for the city of Woodstock is an average of “90” days.  This is longer this time of year (Example December 2011 was 127 days based on sales volumes). Listings will therefore average 5 months and achieve fair market value.

Based on this market information being properly priced is absolutely critical.  There is no doubt that in the event that inventory starts growing that there will be some pressure on pricing.  The press continues to predict adjustment downward in pricing on a National basis.  We have not experienced the double digit increases experienced in Toronto, Alberta and B.C.  If they are right and it ever does correct our adjustment will be much less. 

If you are considering listing your home for sale, as you can see by the graph above, you will want to be “Buyer Ready” by February 29, 2012!