Ben  Sage

Ben Sage

Broker

RE/MAX a-b REALTY LTD. BROKERAGE

Mobile:
519-532-1295
Office:
(519) 536-7535 ext. 487
Email Me
Ben  Sage

Ben Sage

Broker

RE/MAX a-b REALTY LTD. BROKERAGE

Mobile:
519-532-1295
Office:
(519) 536-7535 ext. 487
Email Me

Market Report


I cannot believe we are already talking about the first quarter of 2019 in the past tense!  That three months absolutely FLEW by!  

Of the transactions I have completed so far in 2019, 100% of the contracts I have written have been from Past Clients, Referrals from Past Clients, or Referrals from other Agents across North America. This makes me feel like I am trusted and respected not only by my peers, but also by those who have chosen to work with me in the past. 

This trust means a lot to me. 

I am proud to say that during this first quarter of 2019, although as you'll see, sales in the board are way down yet again this year, I can happily report that it is business as usual for myself.  I don't love "tooting my own horn" but I do feel fortunate to be able to create real, tangible value for the clients who choose to work with me. 

But, why do people continue to refer to me, with so many options out there?

One item I'd like to highlight on this report, is real, actual value. 

I'm talking dollars.  

In the first quarter of 2019, sales posted on the Woodstock-Ingersoll District Real Estate Board (WIDREB) MLS® showed an average ratio of Sold Price to Asking price for the first quarter at 98.9%.  But when I look at my own listings, I averaged 100.0%....  That means statistically, clients who sell with me are likely to be "ahead" by 1.1%...  Doesn't sound like much, but at the average price point around $350,000...

That's an extra $3,850 in my clients' pockets! 

The one constant in this business & market is CHANGE. If you'd like help interpreting how changes to the market, and changes to the Real Estate Business might affect your plans, or the value of your largest asset, let's chat.  I'm happy to help! 

Continue reading for a recap of the Woodstock Real Estate Market Performance in Q1 2019, as reported through the WIDREB MLS®.
 

The ultimate measure of market fundamentals is always supply and demand. In real estate, this is established by dividing the number of homes for sale, by the number of homes sold in a given time period, and determining the "absorption rate" and is expressed as a "number of months inventory."  

On this chart, the lower the line, the more favourable the market conditions are towards Sellers, and the Higher the line, the more favourable for Buyers. A "Balanced Market" is approximately 5 months worth of inventory (the black line). 

Green= 5 year average
Yellow = 2018 Absorption Rate Month by Month
Blue = 2019 YTD

As you can see, the "sellers market" continues. 

It has been persistent for years, and just when it feels like we may be slipping back out of strong seller market conditions, there's another rate announcement (cutting rates) or the government does something to spur purchasing for first time buyers, reigniting the fire that is lit under Southwestern Ontario Real Estate. 

In the first quarter of 2019, the average sale price of all homes in Woodstock was up 2.8% to $368,505.
Median Sale price snuck up slightly to $351,661 (up 0.5%)
The number of homes sold was down 13% over last year, which was well down over the year prior.  This number continues to drop. There are several theories behind why there are now fewer transactions happening in Woodstock, but the one I see most obviously is simply buyer fatigue.  It has been a "sellers market" for so long, that buyers seem to be growing weary of the process and opting to stay in place, or rent for the time being until the market calms down.  I have also seen several would-be buyers who are limited by budget or the constraints of the Mortgage "Stress test."  They are limited to purchase prices that put them into a category of home that requires far too much work to be considered a reasonable starter home. 

Additionally, the level of available inventory did jump up to 112 homes available at the end of March 2019, but this is so far below what is needed to bring balance into the marketplace, any "relief" found by increasing inventory is minuscule at best. 

 

To Summarize:

The Number of homes sold continued to be sluggish, due in part to reasons mentioned above.  I know there are plenty of buyers who are competing against each other to pick up properties. I did hear about with one home receiving 14 offers and selling at 121.2% of asking price.

The absorption rate is just a hair over 2 months, meaning if no new properties are listed for sale, at current demand, we would run out of houses to sell in just over 2 months (2.11). This is the key indicator that determines that it is definitely still a sellers market.

Predicting the way forward in Real Estate is always difficult, but for the next couple of months it looks like strong sellers conditions will prevail. Mortgage rates at the big banks have dropped and are hovering just over the 3% range for fixed terms.  The Canadian Government offered some new incentives to first time buyers hoping to be able to afford a home in the current market, including Shared Equity mortgages (more details to come on this), and an increase in the Home Buyer plan using RRSP's for downpayments on first home purchases.

For information about how the market is affecting YOUR value click here for a FREE desktop assessment!

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Ben Sage | Broker | Cell/Text: 519-532-1295
WoodstockHomes.com
RE/MAX a-b Realty Ltd., Brokerage 
Independently Owned and Operated
 
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I am a Real Estate Broker with RE/MAX a-b Realty Ltd., in Woodstock Ontario, focused on high quality Real Estate services. My experience selling homes is rich, and my results are unparalleled. My clients attest to my commitment to high quality service. 

In 2017, single family homes listed for sale by Ben averaged 104.1% of asking price, compared to the market average of 99.2%, and sold in an average of 12 days compared to the market average of 29. 

  • Platinum Club for Total Real Estate Commissions for 2017 & 2018
  • 100% club for total real estate commissions for 2010, 2011, 2012, 2014, 2015, and 2016. 
  • "Best Young Professional" award nominee for Woodstock District Chamber of Commerce, 2015
  • Retired Director & Committee member at the Woodstock, Ingersoll District Real Estate Board.
  • Recognized as a top donating individual for Children's Miracle Network, 2016 & 2017

The REAL Ben:

Born and Raised in Woodstock Ontario, I am intrinsically connected with the community. When I am not selling Real Estate for my clients, I can be found hanging out with my family. My wife, Amanda, my sons Nolan and Liam, and our mutt, Nori. 

My family enjoys biking the awesome trails around Woodstock, having dinner at one of the many Oxford County establishments, playing golf at one of the many area courses, and the accessible, inexpensive nature of life in Woodstock.

My rural life keeps me busy, maintaining and upgrading our home just outside of the city. When I have spare time, I like to listen to music, play some guitar or video games, and stay up to date on the latest memes. 

My family loves to travel, and recent trips include a bucket-list-checking voyage to New Zealand and Australia in 2018, a road trip to Acadian Shores Nova Scotia the year before. Upcoming goals include another east coast visit to PEI and New Brunswick. 

We love visiting the family cottage in Port Loring, On, where I pretend to know how to catch pickerel and wakeboard. Really I just secretly like quiet hours floating on a lake. 


One thing I need to mention, though, since you've read this far, is that the true joy I get from my position as a Real Estate Broker, is crafting excellent strategies to capitalize on current market conditions for the benefit of my clients. Taking an idea, strategizing to minimize stress and maximize opportunites given in the market, and turning it in to a reality brings me great happiness. Let's get happy together! 



Specialty: New Residential Construction, Luxury Homes, Investment Properties

Awards: 2017, 2018, Platinum Club, Hall of Fame

Area Covered: Woodstock, Ingersoll, Norwich

Languages Spoken: English