Friday, June 1, 2012

What's up with Condos in Woodstock?

Woodstock is home to a wide variety of Condominium options, from apartment-style low-rise condos priced from $60-$85,000 to large ranch condos pricing at $300k+.

The sales activity for the year thus far looked like this:

There have been 23 condominiums sold, compared with 61 condos listed for sale. As of June 1st, there are 54 Condos listed for sale in Woodstock. 

The majority of listed and sold condos continues to be the Townhouse style condo, representing 17 of the 23 sales, and 35 of the 54 condos currently listed for sale in Woodstock.

The average days on market for a condominium in Woodstock is a mind boggling 170 (compared to 88 DOM for residential freehold).

Year to date average sale price of Condos is up significantly, to $165,000.  The previous year over year averages are as follows:

2011 - $149,000
2010 - $146,000
2009 - $157,000
2008 - $139,000
2007 - $143,000

This higher average so far this year can be explained by the presence of  several higher priced condos compared to years past, as well as fewer entry level, apartment style condos.

With condominiums spanning such a wide array of types and price ranges, condo ownership remains a good option for many different family types in Woodstock, and it appears as though the affordability has remained somewhat steady throughout the past 5 years.  Condo fees have appreciated somewhat in some of the developments in Woodstock, but remain constant at other developments, moving only in line with inflation. 

Please contact me with any questions you might have about this information, or any other condominium related comments!

Ben Sage, Sales Representative. RE/MAX a-b Realty Ltd., Brokerage.

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