Residential Sales Continue to Improve In 2010

Woodstock, Ont. –The number of homes sold in 2010 through the MLS® System of the Woodstock-Ingersoll & District are up ten per cent from 2009 totaling 1,136 units and $244 million. “Our market is continuing to show signs of stabilizing at a more normal and sustainable level. Current activity is running about halfway between the near-record setting pace we saw in the beginning of 2010 and the recessionary low back in early 2009,” commented 2011 President, Lori Goldhawk.

President Goldhawk continues, “In the beginning of 2010 we saw near record breaking levels for sales due to pent up demand and the introduction of the HST, since then sales have subsided to a respectable level, leaving us with a more balanced market, which is good news for both sellers and buyers.”

Home sales numbered 61 units in December 2010, down three per cent decline from the same month last year. However, although home sales are slightly down from 2009, it is well above the ten year average for December. The best selling residential home type for both Woodstock and Ingersoll is the Bungalow, with an average selling price of $162,738.00 and $167,700.00 respectively. The average price of homes sold in December 2010 was $200,898. This represents a decline of eleven per cent from December 2009. Despite some month-to-month noise in the data, the average sale price has generally been flattening out.

According to a recent study prepared for the Canadian Real Estate Association by Altus Group Economic Consulting in Toronto, a total of $46,400 in ancillary expenditure is generated by the average housing transaction in Canada over a period of three years from the date of purchase. “That means that the 2010’s sales will generate $52,710,400 of economic activity over the next few years, which will help to drive our local economy,” says Goldhawk. Total sales numbered 69 units in December, on par with the same month last year. The total value of all properties sold was 14 million, down eleven per cent from December 2009. The total number of sales for 2010 supersedes both 2009 and 2008 sales by 12 per cent and 4 per cent respectively.

 

SOURCE:  Woodstock-Ingersoll & District Real Estate Board

Denise Connor

Denise Connor

Sales Representative
CENTURY 21 Heritage House Ltd., Brokerage*
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