OXFORD COUNTY:

The number of homes sold across Oxford County increased 6.5%  in 2021 over the previous year.    2, 273 homes changed hands across the County. The number of new listings remained limited based on demand, rising only marginally in the last 3 months over the same time in 2020. There were 101 new listings across the County in December

Based on consumer demand, this drove Months’ Supply down, to about a consistent 1.5 months’ supply. This was down from an average of almost 3 months’ supply back at the start of the pandemic. This resulted in the average number of days it takes to sell a home to move down well below the average in 2020. Since March this number has consistently been below 17 days.

This continued limited supply of Homes resulted in extensive “Bidding Wars” in every area of Oxford.  The average "Close Price to List Price Ratio" rose from 100% of asking price to a whopping 106.3% of asking prices.  Demand continues to significantly outpace supply, delivering one consistent result across the County “SIGNIFICANT PRICE INCREASES”

Prices on a year over year average rose 31.3% (from January 2020 to December 31, 2021). The average homeowner in 2021 enjoyed an average equity gain of $153,860 year over year. The average purchase price of a home in Oxford County now sits at $644,841 for the calendar year ending December 31, 2021.

JANUARY 2022:

This is your overview for the first month of 2022.  148 new listings came to market in January, pushing available homes offered for sale to just under 2 months supply. This kept the extensive number of bidding wars in place. In January the average homeowner received 112.6% of their asking price across the County and all price ranges. So how do sales by price point break out across the County? This graph will explain demand by price category. As you will see 58.7% of all sales in Oxford County in 2021 fell between $400,000 and $700,000

This graph will help show the importance of sales of homes in by price range over the 12 months ending December 31, 2021. So how do sales by price point break out across the County? This graph will explain demand by price category. As you will see 58.7% of all sales in Oxford County in 2021 fell between $400,000 and $700,000

The average selling price for the month of January 2022 outpaced the current yearly average price of $644,841. The average selling price in Oxford County came in at $791,824.

WOODSTOCK:

Sales increased over the 2021 full calendar year by 9.7% to 1016 homes sold, despite the record low number of homes listed for sale. As a result of the continued pressure from lack of inventories, the average number of days to sell a home listed for sale has averaged under 14 days in the last 4 months of the year. Inventories of homes offered for sale have been averaging just over a single  month’s supply. In December despite a significant increase in supply over December 2020 the months’ supply fell to less than 80% of the needs for the month.

The limited listings outlined above have pushed bidding wars up significantly from a average of 105% of asking prices across the City to over 110% of asking during November and December. In other words, virtually every home listed is involved in bidding wars.

So, what has this done to prices? Year over year, 2021 versus 2020, homeowners enjoyed an equity gain of 29.7% in Woodstock or an average of $143,684 over the last 12 months to $627,915 from $484,231.

INGERSOLL:

Sales increased across the town of Ingersoll by 26.1% to 280 homes changing hands during the 2021 calendar year, despite record low inventories continuing.  Inventories been averaging around 30 homes available for sale each of the last several months. This has represented about 75% of monthly requirements. In December the number of homes coming to market dropped to only 12 new listings. This represented less than 50% of a single month’s needs to meet December sales demand.  Because of the mix related to the smaller listing base, some monthly statistics such as “days to sell” and “list to sell average” become highly skewed.  The low inventories continuing indicate that virtually every listing is involved in constant “Bidding Wars”.

Like the rest of the County, lack of inventory and continued excessive demand have continued to drive prices upward.  The average price rose 37.3% the calendar year 2021 versus 2020 to $616,213.  For the first time, in over 18 years of personal Real Estate experience, I have noticed that the average price of a home in Ingersoll has moved to within 98% of the average home price value in Woodstock. Pre pandemic averages ran between 85% and 90%.

NORWICH TOWN & COUNTY:

I have now added Norwich Town to Norwich Township report that now covers the entire Township.

The number of homes sold across the Township fell by 29 homes sold bring the yearly sales to 89 properties. The number of homes being offered for sale are very limited, sitting at 1 month’s supply since September 1, 2021. In December the number of homes available of purchase fell to less than a month’s supply.  This low inventory drove the list price to selling price average to 103.4% of asking for the first time since July.  Typically, in this area homeowner have averaged at about 99% of asking prices.  This would indicate bidding wars are still occurring. The reason that we see variance to listing price falling in this area, is usually the result of a significant number of homes being offered at full Market Value or above.   Very few homes are coming to market across the Township this will continue to result in higher prices due to limited offerings.

Norwich township has always benefited from its proximity to the City of Woodstock, just south of the 401. The average price of a home across the township rose above the city of Woodstock for the 12-month period ending December 31, 2021, to $686,763. This represents an increase in equity to the average homeowner of $180,577, year over year. The average price the calendar year 2020 was $509,186

SUMMARY:

What does the future hold? Prices will continue to rise as inventories remain well below demand. First Time Buyers will be significantly impacted by a financial squeeze around mid-2022, driven out of the market by record setting inflation and interest rate increases on new mortgages. This will also impact some “Move-up Buyers” normally selling their homes to First Time Buyers.  Top end homes will continue to sell well as the moves from large Metropolitan centres, such the Greater Toronto Area continue. 

Today continues to offer the best purchase price for Buyers wishing to enter the market or move-up! There is no doubt that prices will continue to rise eroding purchasing power in the future.

Remember interest rates are going to increase on new mortgage applications or additional mortgage requirements. The proposed 1/2 % by mid-year will affect some new Buyers.

NOW IS STILL THE BEST TIME TO BUY to take advantage of lower mortgage rates and more equity in your pocket over the months to come.

If you or someone you know would care to take advantage of my 18+ years of Real Experience in effective Marketing, Sales, and Professional Negotiation Skills, call me any time

Gib Heggtveit

Real Estate Broker

RE/MAX Centre City Realty Inc

Direct:      519-535-3975

Email:       gib@yourfavouriterealtors.com

Website: www.Oxfordproperties.ca