Happy New Year!

In December, the County of Oxford month over month prices increased by an astounding 6.17% from November.  The median price (for all property types (single family, semi, townhome, condo, modular, mobile) has now reached $680,000.

Last month I suggested that we may be headed for a perfect storm in 2022.  That forecast appears to be clearer today than it was one month ago.

PERFECT STORM?

In December 2020 Oxford County saw a perfect storm of supply and demand factors that ultimately led to double-digit month over month price increases in January and February 2021.  I would suggest that conditions that lead to enormous rise in prices have actually gotten worse and it appears that this seller’s market is getting even stronger.

On the supply side, we saw December 2021 inventory levels decrease by 36.8% when compared to December 2020.

Inventory of Homes for Sale

On the demand side, home sales increased 4% over December 2020.  This increase in sale volume may come as a surprise considering the significant increase in home sale prices year over year (41.4%).

Various underlying factors continue to drive demand, despite rising home sale prices.  First, Oxford County continues to see a dramatic increase in the number of buyers from the GTA and surrounding areas moving into the area.  Second, interest rates continue to stay historically low.  The Bank of Canada has signaled that there will be a rate hike in early 2022.  The threat of a rate hike causes buyers to move up their purchase plans – therefore increasing an already robust demand.

Median Days On Market further reflects increasing demand out stripping supply.  In February 2009, it was not unusual to see a home sit on the market 90 days.  Today, we are seeing homes sell within one week.

Historical Median Days On Market

Let’s compare December 2020 to December 2021:

Dec-20 Dec-21 % change
Sales Price $405,000.00 $680,000.00 41.40%
Homes For Sale 76 48 -36.80%
Sales 126 131 4.00%
Days On Market 12 8 -33.33%
Sale Over List Price 100 108.3 8.30%

The above data certainly suggests to me a strengthening sellers market.

Click the buttons below for median sales prices for all property types within Oxford County, Woodstock, Ingersoll, and Tillsonburg Markets since 2008.

Oxford County Market Stats

Woodstock Market Stats

Ingersoll Market Stats

Tillsonburg Market Stats

If you have any questions regarding the Oxford County housing market, do not hesitate to call! 

Wishing you health, wealth, and happiness in the New Year ahead!

 

Share to...