Monday, November 29, 2010

Woodstock, Ingersoll Home Sales






Oxford County (RESIDENTIAL UNITS)
2010 started with huge increases over 2009. In fairness the 1st quarter of 2009 would have been month 3 to 5 of the start of the worldwide recession. Clearly there was general anticipation that the implementation of H.S.T. (harmonized sales tax) in Ontario on July 1, 2010 would impact the "cost" of a new home purchase.

Surveys indicate that 54% of the general population across Ontario is still confused about what costs are now associated when buying a new or resale home. H.S.T. is not applicable on homes under $400,000. The old 5% G.S.T. (goods and services tax) is applicable on the purchase of a new home. However most builders absorb this cost. There is a small rebate of 1.2% that applies to a Canadian Resident buying a newly constructed home. The builder in return for paying the G.S.T. portion of the H.S.T. on closing, asks the new home owner to pass back the rebate to reduce builder out of pocket expense. So in most cases nothing has changed. H.S.T. has now been applied to most services. Services were exempt under the old P.S.T. (Lawyer's fees, Real Estate Fees, etc). For example, now when buying a home, your lawyer's base fee for service will increase 8%.

Soo...What happened so far this year?
The average selling price across Oxford County for the 12 months ending December 31, 2009 was $208,759. This average has increased by 2.6% across the County to $214,224 as of November 29, 2010. Prices will soften slightly in December resulting in an increase for the year around 2.5%. Home sellers are getting 97% on average of their asking price. Prices dropped marginally to $210,715 for the month of November, however homeowners were getting 98% of asking prices. This would indicate that prices are holding.

Unit Sales Activity
In all of 2009 we sold 854 single family residences (excluding condos) across Oxford County. So far this year, as of November 29, 2010, we have sold 907 units. Sales continue softer than last year at this time. Unit sales declined significantly from June to the end of August year over year a whopping -31.4%. On the positive side September 2010 bounced back, reflecting an increase in that one month of 19.5%! Since that date the sales across the county are running much closer to last years good numbers. Oct finished at - 9% with 71 units sold versus 78 units sold. November will be virtually neck and neck at the finish line.

The average time it now takes to sell a home in Oxford County now sits at 90 days. This is fairly typical for this time of year.









If you are contemplating selling? We recommend get your home ready and list in late February. Be ready for the March uptake!

Want to know what's Happening in 2011??









If you are contemplating Buying? Now is the time when the market traditionally slows and motivated Sellers are looking at the slower months ahead and the increased competition. A great time to find the right house at the right price before prices begin their traditional rise in the spring of 2011...









Call us! We can help! 519-535-3975