Woodstock Market Report - April 2023

By: Ben Sage

Woodstock Market Report - April 2023

Tags: Woodstock, Stats, Statistics, Real Estate, House, For Sale, Sold, Market, April, 2023

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Thanks to everyone!

Just a special thank you to everyone who was able to utilize the free Home Show tickets I gave away last month!  Everyone who took me up on that offer seemed to have an awesome time!  

Will be doing that again next year, for sure! 
April has arrived! At long last.  As predicted, it arrived with a bunch of heavy rain, and as I write this (admittedly almost the middle of the month already!), it's pushing 20 degrees outside already. Looking at a whole bunch of ready-to-bloom daffodils! 

I'd like to thank you for being a regular reader of this monthly market report.  I put in a fair amount of effort not only preparing this report, but also making sure that I have as thorough of an understanding as possible of the underlying market trends, in order to best serve my clients. The comments and feedback I get from this report is reassuring that you find value in it! As long as folks are finding value, I will keep on producing this! 

March began to pick up nicely. There is a renewal in demand for "entry-level" homes in Woodstock.  Interestingly, the "new" definition of "entry level home" in Woodstock seems to hover under $550,000.  I feel that first-time buyers have "adjusted" their expectations to align with the new reality of mid 4% 5-year fixed rates, and with the corresponding price adjustment we have seen over the past 12 months, are returning to the market this spring to begin their home ownership journey. 

Value seems to be holding reasonably well as we wrap up Q1. 

Read on for a more in-depth analysis of the Woodstock real estate market in March 2023. 

This analysis relies on Multiple Listing Service Data (MLS®) provided by the Woodstock Ingersoll Tillsonburg Area Association of Realtors (WITAAR). 



Average Sale Price:

March saw an average sale price of $607,502 for all types of residential transactions in the city of Woodstock, which represented a 0.7% decrease from February's results.  

For the first quarter of 2023, the average sale price has been steady, between $570,000 and $611,000.  This shows the return of stability to the Woodstock market, after a precipitous decline in 2022. This continues the theme from last two months reports.  I would expect further value reductions if inventory increases, but as of yet, we are not seeing a large number of new listings outpacing demand.  If anything, we are still mired in a perpetual undersupply in Woodstock. 

Mainstream media seems to finally be cluing in to this fact, and I am certain you will start to see newsmedia reporting on % over asking sales, bidding wars, etc.  

Moving forward, prices will largely (as always) be determined by market behaviour.  Demand seems to be steady as buyers get more comfortable with "higher" rates.  For now, I would expect prices to continue to hold, and perhaps continue to increase slightly again as the year moves on. 

For now, here's how March looked:

For context, this chart shows a 20 year history of annual average sale price (Red line) and annual increase (percentage over prior year, grey bars).  As you can see, 2022 ended the year up significantly year over year.  The massive spike in property value in the spring buoyed the value for the entire year! 

YTD in 2023, you'd epect the red line to flatten out, and the grey bar to be at or around zero. 

Average Sale Price (Detached)

Detached homes lost a bit of traction in February, as sales prices dropped 4.6% to end the month at $632,635.


Number of Sales

Although the "spring rush" traditionally brings increased volume to the market, March break is the unofficial kickoff to that spring market.  Usually the "busy" part of the year begins in the week following March Break. Thus far this year, we have had a large reduction in volume.  March is no different.

The past few years look like this: 

2022 - 106
2021 - 96
2020 - 48 (covid)
2019 - 69
2018 - 86
2017 - 139
2016 - 102

Even by historical standards, for the Woodstock market to have just 67 sales in the month of March is significantly low. 25 units below the average of the last 5 years of March sales. 

So even though volume is ticking up, we are well behind in terms of unit numbers year to date. 


Average Days on Market

I have noticed a trend towards "holding offers" on certain underpriced/hot listings in the past month, but the majority are "open to offers at any time."  

Also, higher end homes are still taking a lot longer to sell than they did over the past few years, which is dragging this metric higher. 

Safe to say that despite the signs of heating up, and the properly priced homes selling quickly, there are still signs of softness in the market - days on market is one indicator showing this. 

A note about this metric.  Although I call it "DOM," the stat I report is known internally as CDOM.  The "C" stands for Cumulative. This stat tracks the amount of time a house has spent on the market in it's current listing cycle. So if the home came off the market for a few days in order to repair something, adjust pricing, stage, etc., but was promptly re-listed within a short period of time, the DOM metric resets (as does the indicator on realtor.ca), but the CDOM metric continues to count from the original listing. 

Number of Active Listings

This is the most important factor in our current market trend.  An increase in available inventory will absolutely have a measurable lowering effect on sales prices. Too many new listings too fast will cause prices to drop quickly.  However, I don't see it happening. 

The market remains undersupplied, with just 129 residential properties for sale in Woodstock at this time.  So, despite moderate sales activity, the level of available inventory is low, keeping prices up. 

So after an incredible run of extremely low inventory, the uptick is nice to see, however, it is really just returning to a little bit more normal market conditions. 

Here's how the inventory levels look, since 2011:

Supply vs. Demand

The intersection of supply & demand indicates where we are headed in terms of sale prices.  The less supply available relative to demand means buyers have a hard time finding homes, and have to compete for the good listings.  The more supply relative to demand, the more options (and therefore bargaining power) the buyers have to set sale prices.  

This dynamic is constantly-changing.  When reading this graph, keep in mind, the lower the line, the less supply exists relative to demand. Low = Seller market, High = Buyer's market. 

March continues to show that Woodstock is even further in a sellers market, ending the month at 2.29 months of inventory, a decline of 1/2 a month. 

It's important to note, though, that this metric doesn't indicate the affect on specific market types.  IE - if prices are indeed stabilizing it won't be felt at all price ranges, and across all home types.  In Woodstock, right now, I am noticing high demand for entry-level semi-detached and single family homes, where higher end, luxury homes are having huge price adjustments in order to attract buyers. 

What does this mean?  THIS IS STILL THE BEST TIME TO UPGRADE that I have seen in the past several years.  

Think about it.  Hot demand for entry level properties, low demand for higher end properties.  Sell your starter home, buy your long-term / dream-home.  

For historic reference on supply vs. demand in Woodstock, check out this graph: 

FYI, The Blue line represents 2022 YTD, Red is 2021, and Yellow is the past 5 year average.

How to interpret this information? 

Traditionally, a supply of between 4-6 months of inventory means that sales prices are likely stable, not really increasing, or decreasing by any drastic amount.  A supply lower than 4 months indicates a seller's market, with pricing appreciating faster than inflation, and a supply over 6 months is a buyer's market, with prices dropping rapidly, and days on market growing.  

Sellers always wonder "What is the best time to sell my house?" They seem to want to attach timing to a calendar.  We have been trained, for whatever reason, to believe that spring is always the right time to sell.  But I firmly believe the best time to sell something is when supply of that thing is low, and demand is high.  This is a pretty rudimentary concept.  The reason I put so much stock into this metric is because it allows me to answer that question with complete confidence.  

If you look at 2022, statistically speaking, the best time to sell was in Jan-Mar.  Counterintuitive, right? 

So far in 2023, the best time to sell is RIGHT NOW. 


Do you need to make a Move?

If some kind of Real Estate move is in your plan for 2022, you can rest easy, and put my 15 years of experience to work for you. Every market presents its own opportunities and difficulties. The interpretation of the data, and how it relates to your particular circumstances, is where I can truly help you! 

If you are a Seller, having a strategy has never been more important. Here's how my sellers have maximized on the current market trends:
  • Staging: Yes, I am still recommending staging. This is an extraordinary opportunity to capitalize on market trends. Yes, you will likely sell if you don't stage, but there is a measurable difference in price and terms when buyers are climbing all over each other to submit an offer on your home.  Why not take the time and make it look its absolute best before showcasing it to the market?
  • Pictures. My residential sellers ALWAYS get professional photos. Highlight the best features of your home with professionally staged and captured photography! Additional bonus, a keepsake. Your home has probably never looked better.  Keep these professional photos for posterity!
  • Virtual Tours. Essential in today's market. To limit in-person showings, and to embrace buyers who might be shopping from a couple of hours away, I always include a professional virtual tour.  Buyers can safely, and realistically tour your home from the comfort of their couch! 
  • Video Tours. If a picture is worth a thousand words, a video is worth millions! Moving camera open house tours of your home, on youtube for everyone to enjoy. Why not cater to the video loving public? 
  • Floor Plans. Not into pictures, virtual tours, or videos?  That's cool - buyers have the ability to print out my sellers' floor plans and determine "where the couch goes" or "will our king bed fit in this bedroom?" before darkening your doorstep! 
  • Offer Handling. We will work together to create a plan that works for you and your circumstances.  There is no "one size fits all" strategy. Throughout this sellers market, I have continued to hone the craft of maximizing the opportunity that sellers have in this market, to get you the best possible price and terms on your sale!
If you are a Buyer, things are going to be difficult for you, but there are great reasons to get into the market now!
  • Appreciation. There's an old saying in the real estate world. "The best time to buy is 10 years ago.  The second best time is today."  I know prices seem to be adjusting downward, but we have no way of predicting how far down they might go, and if you can get in now, even if things take a bit of a dip in the short term, Real Estate is a long game anyway.  In a decade, a small blip won't make much difference to you. Buying today will get you:
    • Stability of Ownership. With trouble in the rental market (limited supply, landlord/tenant issues at an all time high, evictions happening like crazy), owning your own home, even if it's just a stepping stone towards your goal of ultimately buying your dream home, gives you the security that the landlord won't suddenly change their mind and sell the house, or require occupancy for themselves or a family member, or other issues associated with renting. 
    • An Iron in the Fire. Many home buyers over the years have had to make stepping stone purchases.  They buy something slightly less ideal than their dream home, with the hopes of improving it, and riding the wave of appreciation to their next home, eventually arriving at their dream home. It's unlikely you can save as much money as homes are going up in price currently, so one way to "hedge" against this inflation is to have an iron in the fire.
  • Off Market Opportunities. My buyer clients receive the additional benefit of off market opportunities. By the time a home is listed on MLS® it is already a feeding frenzy, competing with other buyers.  Some sellers don't want that feeding frenzy in their home, and would be happy to sell it to someone through an off-market transaction. People who are CLIENTS of mine, get shortlisted for those opportunities as they come along. I have other marketing techniques to locate off market opportunities for my buyers as well.  Rest assured, I'm working to find you a home, if you hire me to help!


Thank you very much for taking the time to read this market report. 

Unfortunately we can't control the market, but we can work as hard as possible to capitalize on what it provides! If a move is in your future, let's chat today to get you started on your plans. Even if you don't want to do anything until winter or next spring, starting your project early is a great way to optimize your experience. 

If you're interested in connecting with me, I'm happy to discuss your real estate plans! Call or text me at the number below:

Thanks again, and happy fall!!



Ben Sage | Broker | Cell/Text: 519-532-1295
RE/MAX a-b Realty Ltd., Brokerage 
Independently Owned and Operated

Questions about Buying or Selling, or just the market in general? Call or Text me at the number above!
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This information is deemed reliable but not guaranteed. This is not to be considered advice of any sort. Always consult a professional before making any major financial decisions. 

Information provided by the Woodstock Ingersoll Tillsonburg Area Association of Realtors (WITAAR), using data from the Multiple Listing Service (MLS®). 
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