It's in the numbers - Drew's Review of 2007
The Numbers Tell the Story - Drew’s Review of the 2007 Oxford County Real Estate Market
It is my plan to blog on a regular basis some of the tangible numbers that tell the story of our Oxford County real estate market. We need to begin today with a review of 2007.
Increase in Volume but not in Average Sale Price
December 2007 was one of the slowest months in recent years with the number of new listings down by 3%. Sales numbers were also down, by 28%, in December 2007 compared to December 2006. Yet, overall, 2007 sales were up 6% from 2006.
Realtors have had concerns that the increase in home sale prices in the last few years would not be sustainable. 2007 did not see the increases of 2005 and 2006. In which time the average sale price grew on average of 23%. Normal increases for real estate should be between 2.5 and 3% each year. That very large jump unfortunately raised expectations among sellers in 2007. As a result, there were 20% more expired listings in 2007 than in 2006. Listings expire for one reason - over pricing.
The average sale price in Woodstock in 2007 was $197,586 for a single-family home. In 2006 the average sale price was $194,253. This is a normal market increase.
The Ingersoll market proved interesting: In 2007 the average sale price was well up at $192,751 above $179,474 in 2006. Local realtors feel we can attribute this to Ingersoll enjoying Woodstock spillover as buyers search for more reasonably priced houses and lower property taxes.
The Toyota spike has come and gone. We have now returned to a pre-2005 market. Realtors are confident that this new reality will provide good opportunities for buyers and reasonable returns for sellers. Drew Symons
Learn more about Drew at www.drewsymons.com and watch this blog for more market updates.
It is my plan to blog on a regular basis some of the tangible numbers that tell the story of our Oxford County real estate market. We need to begin today with a review of 2007.
Increase in Volume but not in Average Sale Price
December 2007 was one of the slowest months in recent years with the number of new listings down by 3%. Sales numbers were also down, by 28%, in December 2007 compared to December 2006. Yet, overall, 2007 sales were up 6% from 2006.
Realtors have had concerns that the increase in home sale prices in the last few years would not be sustainable. 2007 did not see the increases of 2005 and 2006. In which time the average sale price grew on average of 23%. Normal increases for real estate should be between 2.5 and 3% each year. That very large jump unfortunately raised expectations among sellers in 2007. As a result, there were 20% more expired listings in 2007 than in 2006. Listings expire for one reason - over pricing.
The average sale price in Woodstock in 2007 was $197,586 for a single-family home. In 2006 the average sale price was $194,253. This is a normal market increase.
The Ingersoll market proved interesting: In 2007 the average sale price was well up at $192,751 above $179,474 in 2006. Local realtors feel we can attribute this to Ingersoll enjoying Woodstock spillover as buyers search for more reasonably priced houses and lower property taxes.
The Toyota spike has come and gone. We have now returned to a pre-2005 market. Realtors are confident that this new reality will provide good opportunities for buyers and reasonable returns for sellers. Drew Symons
Learn more about Drew at www.drewsymons.com and watch this blog for more market updates.
Labels: Ben Sage, Bettianne Hedges, Drew Symons, Homeowner, Housing, Listings, Market, Real Estate, Real Estate Market, Woodstock ON Real Estate, Woodstock Ontario Real Estate
posted by Ben Sage, Sales Representative @ 6:31 PM
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