B & B Team Newsletter January 2018

B & B Team sharing news on the Woodstock Real Estate Market, upcoming events, home ideas, contests and more!

Statistics on the Woodstock Real Estate Market

This is what  “The Canadian Real Estate Association, in co-operation with the Woodstock-Ingersoll & District Real Estate Board ” is saying
Residential sales activity numbered 62 units in December 2017. While this was down 29.5% from the record December a year earlier, it was still on par with average levels for this time of year.

Annual home sales numbered a record 1,685 units over 2017, up 7.1% from 2016.

“2017 was a volatile year for sales in the region, with an unprecedented spring followed by a brief summer slowdown and fairly normal final few months,” said William Cattle, the strength of the spring market was enough to push 2017 to a new annual record. Looking forward to 2018, supply has started to fall once again and stood at all-time lows to end the year, so one of the main reasons we saw such big price gains in 2017 remains in place to start 2018.”

The average price of homes sold in December 2017 was $336,515, rising 16.1% from December 2016. The annual average price was $341,526, up 18.9% compared to 2016.

There were just 2.5 months of inventory at the end of December 2017, little changed from 2.3 recorded at the end of December 2016 and well below the long-run average for this time of year. 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.

The dollar value of all residential property sales amounted to $20.9 million in December 2017, down 18.2% from a year earlier.

Sales of all property types numbered 68 units in December, down 26.9% from the same month in 2016. The total value of all properties sold was $25.9 million, down 3.2% from December 2016.