One of our most popular blogs asked if the Woodstock housing boom was over. That was written back in July of 2017 and it argued that Woodstock was in fantastic shape and buyers and sellers should always remember Location, Location, Location. Realtors say this for a reason and Woodstock is the definition of why we do!
We want to talk about two things today: Market Statistics and a recent study on the glowing future Woodstock has before it.
Let’s start with the numbers. This past April, Oxford County blew past the $400,000 mark with an average home sale price of $427,201.00. I know it is tough for people who have lived here for many years to fathom those numbers, but for buyers moving down the 401/403 corridors from the East, they see these prices as absolute steals. And the crazy part is, they are right!
The Sales to List Price Ratio for April was 101.4%. That number is important as it shows that many homes are selling for above list price and this is a clear indicator of demand. And take it from us, not all of those are even in a multiple offer situation. Many times buyers are offering over asking just to avoid multiple offer scenarios. Our average Median days on Market is 15. That means that, on average, homes have a SOLD sign hung in about 15 days. When we take into account that many offers have conditions with 7-10 days to fulfill and others have set offer days, many homes are accepting an offer within days of listing.
These three numbers indicate a continuing strong sellers market in Oxford County with Woodstock leading the charge. That’s the story for the current market and the near future.
But what about the next 25 years?
For that we turn to a recent story in the Woodstock Sentinel Review about a study completed by County and municipal staff assisted by a technical advisory committee. And they paint a very rosy future for all of Oxford County, but Woodstock in particular.
The study projects that the population of Woodstock could see population growth up to 66,000 residents over the next 25 years. The forecast also projects an addition of 9,400 households plus the addition of 10,600 jobs. Much of this is attributed to the 401/403 crossroads location as well as cheaper land. One of the concerns that will need to be addressed is the fact that , although the province recommends a 20-year minimum of land supply, Woodstock has a “shockingly low” 7 to 8 year supply. The city will need to add 225 to 325 hectares to meet future demand.
For current land owners, and those getting into the market in the next few years, this points to only great things in regard to future value. Although the City will surely address the shortage as best they can, the question is whether they can find enough land to meet need.
More than 50 percent of Oxford County’s future 25 year growth is also being attributed to Woodstock. Employment growth is forecasted to stay strong and housing will continue to be an issue. Which all points to the trends of the last few years continuing.
And now we take one last trip over to the statistics. As stated earlier, average home sale price in Oxford County was $427,201.00 this past April. If we travel back to april 2018, the average was 385,512.00. The trend continues to go up at an accelerated rate. And the study points that we will continue to see more of the same for the projectable future.
And that ain’t bad…
If you have any questions about this Blog or any other subject, please reach out to a member of our team and we will be happy to help.