Oxford County Results:
Let's take a look first at Single Family home sales across Oxford County first. For the first 3 months of 2012, we have sold 198 single family homes (excluding condominiums) across the County. This represents a decline of 17.8%. Last year we moved 241 homes in this same period. Prices for the first Quarter, on the other hand, moved up in the County 1.8% from an average of $ 218719 to $222,669. Home Owners achieved an average of 97% of Asking Price in 2012. This figure was up from 96% of Asking Price in 2011. It now takes an average of 88 days to sell a typical home. Interestingly the average success rate for selling a home dropped to under 50%, down significantly from 56%. In other words when you list your home for sale in Oxford County you only have a 49% chance of selling during the listing period. The number of homes that expired unsold jumped as well from 396 expired properties in 2011 to just over 1000 homes for the first 3 months of 2012.
Woodstock Results:
In the City of Woodstock itself, Individual sales of homes rose slightly in this first 3 month time frame. 131 homes sold versus 127 homes, representing a positive change of 3.14%. On the other hand Home prices dropped by less than 1% (.79%) staying basically flat at $218,639 (versus $220,392). The chanced of selling your home during the listing period outperformed the County by actually increasing from 49% for 2011 to 56% in 2012. The number of homes that expired unsold paralleled the County experience (575 unsold versus 59 last year for the first 3 months). In spite of the marginal decrease in the average price, home owners were actually getting 98% of asking price compared to 97% a year earlier.
We have taken a look at early Sales results for April and by all appearances we will see a +10% increase in unit movement for the month as will as an improvement in overall average pricing.
The market is in balance with inventories at the start of the month nicely lower than 2011. When supply moves lower than demand; home prices will rise due to competition from Buyers. The Market is continuing to be driven by First Time Buyers entering the Market taking advantage of the lowest interest rates in history! There is also a shortage of rental accommodations in Woodstock which is also driving more Buyers to move to Home Ownership.
In summary it is a "Great Time" to buy or to sell!
