Sales of individual homes across Oxford County are up 16.5% or 45 homes ( 317 homes versus 272) after the first 4 months of 2013. Prices are continuing to rise as well. The average home now sits at $234,782. This represents an increase of 5.3% on a year to date basis with the average home owner making $11,482 improvement in value. Homeowners are consistently getting 97% of asking price and it now takes 81 days to sell the average home. This year 64% of all homes listed for sale are selling during the listing period.
The City of Woodstock represents 51.2% of the reported sales for Oxford County. Sales of individual homes in the City are also up to a lesser degree by 4.3% or a total of 8 homes (191 homes versus 183). Prices are also up 4.2% or $9,358 across the City ( $229,426 versus $220,068) for the same four month period. The average time it takes to sell a home in Woodstock now sits at an average of 75 days down from 87 days. Homeowners are getting 97% of asking prices in spite of prices rising. Inventories continue to be lower than the first 4 months of 2012. There is a 62% chance of getting a sale during the listing period. This is up nicely from 55% a year ago.
Ingersoll is enjoying similar growth for the first 4 months. Sales of individual homes here are up 48.6% or 18 units on a base of 37 homes. On the other hand prices have remained relatively flat decreasing marginally by 1/3 % to $706 ($196,239 average). Part of the reason for the drop is an increase in inventory in Ingersoll specifically from a total of 174 homes up from 151 for the same 4 month period a year earlier. The inventory is now back to the same level as it was a year earlier which should result in upward pressure on prices. Home owners were getting 96% of asking prices during this period compared to 98% a year ago. In 2012 during the first 4 months homeowners had a 34% chance of getting their home sold during the listing period. This year that number has increased to 49% and will continue to rise. Contributing to this low level of sell through was the fact that 179 homes expired unsold in the first 4 months of 2012. This year this number is down to 27 homes. As long as inventories remain low, prices will rise.
Clearly all markets, especially Ingersoll, remain excellent opportunities for First Time Home Buyers to enter the market. Mortgage rates combined with Rental Rates continue to make this the perfect time to get into the market or to make the move up. If prices continue to climb, because demand continues to outweigh supply, this remains an excellent time to make that "Move Up" move...and to make money on this investment over the long term.
Pick up the phone or email us and we'll be pleased to provide you with a personal market update on what's happening in your specific neck of the woods....
Gib's Cell: 519-535-3975
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