2011 MID YEAR SALES UPDATE FOR INGERSOLL

Want to Know what's Happening in Ingersoll?

Unit sales have fallen 9.92% for the 8 month period ending august 31, 2011 when compared to the same period for the previous year.  Unit sales now sit at 118 homes sold versus 131. However sales were stronger in August itself finishing with 18 sales versus 16 for 2010.

However prices are holding.  Prices in Ingersoll actually rose 2.9% ($5,700) for the 8 month period ending August 31, 2011 finishing up at $199,653.  Prices levelled marginally in August 2011 to $198,949.

The number of active listings currently sits at 84 versus 88 a year ago.  Based on year-to-date sales, this translates into 5.7 months supply or slightly under 6 months which by definition is a balanced market.  This is an important statistic when selling a home because there are fewer comparable properties to choose from.

Home owners are getting an average of 96% of asking and it takes 68 days to sell a home versus 88 days a year ago.

With Low interest rates and reasonable prices, First Time Buyers are still driving an active market!

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!

Special Programs for First Time Buyers

Thinking of Buying a Home in 2011?

WE HAVE THE PROGRAM JUST FOR YOU!

2011 is a Great Time to Buy in Ontario...

We offer First Time Buyer "One on One" Training

• 
  How does Canadian Mortgage and Housing Corporation work
• Learn all about all closing costs (e.g. appraisals, land transfer tax, lawyer fees & disbursements, setting up utilities, title insurance, etc.)
• What is the Importance of Lender Pre-Approval
• How a Lender calculates an Approval
• What is Buyer Representation in Real Estate and what it means to You
• What are the pitfalls and expensive issues to watch out for when buying an older home
• What kinds of Insurance Issues can cause refusal of Insurance
  
  What home inspector does and why you need one
• What a lawyer does for you on closing
• Why is it importance to know the market and comparable sales information
• What kind of Clauses in the offer to purchase can protect you
• Special Program 1 - Do you qualify for up to $2000.00 back on Land Transfer Tax?
• Special Program 2- Using RRSPs for your down payment and the new limits!
• Special Program 3 - Personal tax credit on income tax
• What are the kinds of expenses that you can anticipate on closing.

Handouts will be provided.

Book your Training Now -

519-535-3975