The average price of homes sold in April 2017 was $355,135, rising 31.6% from April 2016.
Avg. Price Year-to-Date
The year-to-date average price was $342,283 up 27.6% compared to this time in 2016.
Units Sold in Month
163 residential units were sold in April, rising 7.2% from a year earlier.
Units Sold Year-to-Date
Year-to-date home sales numbered 601 units, up 29.5% from this time last year. This is a record for the first four months of any year.
Active supply is continues to trend at all-time lows. There were just 192 active residential listings on the Board’s MLS® System at the end of April 2017, down 30.2% from levels at the end of April 2016.
Months of Inventory
There was just 1.2 months of inventory at the end of April 2017, down from 1.8 months at the end of April 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
Although the April statistics still look very comparable to each of the previous 10 months or so, there is a sense lately that things could be changing. I usually have this market review completed by mid-month but had this one pushed back until the last week of May. The good thing about the postponement is that it makes it a bit easier to “predict” the local market.
There is still demand from out-of-area buyers, but it isn’t as prominent as it has been in the past 6 months. Properties that were once getting several competing offers are now just getting one or two. I am also seeing homes that were once eaten up in a few days are now lingering for several weeks. New listings that are “withholding offers” to presented on a specific date (to entice multiple offers) have passed the presentation date with no offers.
It has only been a few weeks, and it would be unprofessional to say that the seller’s market is completely over with, but there is a new “feeling” in the market. Is this just a blip, or a little breather by buyers? Are consumers’ minds already in Summer mode, dreaming about long walks on the beach? Could it be the beginnings of heading back to a much welcomed balanced market? Only time will tell and May’s statistics could help to prove this market shift.
If you are a buyer, it may be wise just to hold on for a few more weeks. If you are a seller, I wouldn’t worry too much about it. You will still enjoy an inflated selling price, but it may not be as over-inflated as it was a month or two ago.