Single Family
Residence 2013 Year End Market Update for Oxford County, Woodstock &
Ingersoll
Oxford County
Oxford County under the jurisdiction of the Woodstock
Ingersoll and District Real Estate Board finished 2013 with an increase in both
unit sales and an increase in the average cost of a home.
Single Family Home sales across Oxford County jumped 18.83% to
1003 homes sold in 2013. This represents a gain of 159 units on a base of 844 home
sold in 2012. This gain in unit sales also translated into another increase in
value. The average price of a Single Family Home rose by 2.8% or $6,321 to an
average price of $235,916 from $229,595 for the previous 12 months.
Inventories finished the year down 13.5% versus the same
time a year ago. This currently represents
a balanced market place for this the slowest months of the year. The spring could find prices rising, if
demand continues as anticipated in 2014 and inventories don’t pick up prior to
the peak month of June.
During 2013 the “List to Sell” ration has also jumped
up. This is the percentage of homes that
actually sell without expiring during the listing period. The average home owner now has 64% chance of getting
a sale during the listing period. This further supports the argument that we
are leaning more to a Seller’s market across Oxford County. In 2013 it took an average of 77 days to
sell the average home and the home owner achieved 96% of asking. This would tend to indicate that home owners
are asking for more and Buyers are being more aggressive on their offers achieving
a variance to asking price of $9,436.64.
Woodstock
Woodstock enjoyed a healthy 14.5% increase (75 homes) in the
number of Single Family Residences sold during the 12 month period ending
December 31, 2013 (591 homes versus 516 homes a year earlier). Woodstock led the movement to higher prices
across Oxford County with an increase of 3.54% or $7,830 for the new value of a
Single Family Residence in Woodstock. ($228,908 versus $221.078).
The time it took to sell a home dropped significantly by 13%
from an average of 83 days to 72 days. The
number of homes that expired without selling back in 2012 rose to 775
homes. In 2013 this number dropped to
247 homes. This would indicate that the
demand was much greater.
Also of significance, is the change in year-end inventories
year-over-year. There were 266 active
listings at the start of 2012 and then a drop to 216 at the start of 2013 with
inventories finishing even lower at 200 active listings. During this time, the variance to list price
(the actual price paid versus the listing price) tightened from 97% of asking prices
to 98% of asking prices. All of these
factors would indicate another good year for values and home prices in
Woodstock. The inventories are in
balance to demand at year end but once again can quickly fall to a Seller’s
market if in fact inventories don’t rise significantly into the early summer.
Ingersoll
Single Family Homes enjoyed similar increases in unit sales
in 2013 finishing up 17.3% or 27 units
(183 Single Family Homes sold versus 156). However this market did not enjoy
the same value appreciation as the County and Woodstock did. The average home price in Ingersoll dropped
5% or $10,724 over the 12 month period.
The average home finished the year valued at $203,019 versus $213,743
for the previous 12 month period. This was probably a correction to the overheated
market of a year earlier.
Ingersoll rose a whopping 8.4% for the 12 month period
ending December 31, 2012. Translated
into Dollars, this represented an increase in value of $16,576 up from $197,167. So, in the overall picture for the 2 year
period ending December 31, 2013 the Town of Ingersoll is still up $5,852!
Inventories are down marginally by 6.5% versus the start of 2013. Inventories are in balance with Woodstock and
Oxford County with prices returning to a normal spread between Woodstock and
Ingersoll of about 10% (currently sitting at 12.8%). We should see some resurgence based on these
factors. Trends and statistics would indicate
good market values being picked up in Ingersoll.
Conclusion:
Markets, in our trading area are showing reasonable, steady,
year-over-year market appreciation.
Interest Rates are continuing to hold at record low levels. Unemployment
rate is continuing to decline. Inflation is not seen as a concern to the Bank
of Canada. The US continues to show
lackluster performance and is not in a position to make significant increases
to their best lending rates.
All this being said it continues to be a good time to get
into the housing market building solid equity through payment of mortgage debt
and natural market appreciation applied one’s best and biggest “Tax Free”
investment, their Home.
Want More Information?
We have been servicing the need s of Oxford County for over
10 years of Award winning service to our Customers.
Remember, we always put YOU First! We promise to be here whenever you need us to
help you, Your Family and Friends, buy or sell their next home.
Gib Heggtveit call
519-535-3975
Mary Heggtveit call
519-535-7355
Home Office call 519-421-2626
Email heggtveit@sympatico.ca
