Condo Pricing in 2017 – The New Reality

We are in the process of updating our website for 2018 and this blog makes up part of our new updates for the 458-486 Springbank Avenue complex in Woodstock.

The Woodstock condo market changed in 2017 and viewers trying to get a sense of value might be in for a surprise. Here is one example of how prices are fluctuating.

Seven units sold in this complex in 2017 and one unit which sold out at the price of $144,000 was on a listing with the low listing price of only $129,900 purposely

designed to attract multiple offers. What helps in putting this situation into perspective is that one of the sale prices in this complex before this new listing was for $190,000.

Where does activity like this put first time buyers who are anxiously trying to buy into a market of seemingly erratic listing and selling prices ? How high do you bid over asking in

the hopes of trying to get good deal? In these markets many people have a story to tell. Going forward into the year 2018 it still appears that it is still a seller’s market.

In retrospect did the buyer(s) of the $144,000 condo get a good deal? What we didn’t tell you was that the average selling price in this complex in 2016, was $135,200

and in the year before that it was $130,000. As it turned out, the $144,000 sale price ended up being the lowest priced sale in this complex  in 2017 based on seven

“MLS” sales. The average selling price in 2017 at 458-486 Springbank Avenue ended up being $169,700.  Welcome to the ever-changing world of condo prices in Woodstock.

by Peter Daoust. Broker Remax Advantage Realty Ltd., Brokerage

 

This entry was posted in Uncategorized. Bookmark the permalink.