The average price of homes sold in March 2017 was $338,006, rising 20.2% from March 2016.
Avg. Price Year-to-Date
The year-to-date average price was $337,501, up 26.2% compared to this time in 2016.
Units Sold in Month
191 residential units were sold in March, rising 23.2% from a year earlier.
Units Sold Year-to-Date
Year-to-date home sales numbered 438 units, up 40.4% from this time last year. This is a record for the first quarter of any year.
Active supply is trending at all-time lows. There were just 187 active residential listings on the Board’s MLS® System at the end of March 2017, down 35.3% from levels at the end of March 2016.
Months of Inventory
There was just one month of inventory at the end of March 2017, down from 1.9 months at the end of March 2016 and far below the long-run average for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
Market statistics are supplied by the Woodstock-Ingersoll and District Real Estate Board. For full statistics, visit the Board’s website.
My Market Outlook
The demand from out-of-area buyers searching for more affordable properties continues to drive up market prices further. We are seeing multiple competitive offers on most listings contributing to record home values.
Although many home owners are holding off on selling as the market to buy remains significantly higher than normal, I still feel this is the time to sell. Unless the government intervenes somehow, I don’t see any market correction coming anytime soon. Home values will remain high for the foreseeable future which has become our new market norm. It is time to accept that buying a home even a few months from now could be more than what it is currently. Waiting to sell high and buy low is a far fetched dream in today’s market.