One of Ontario’s worst winters on record has slowed Woodstock’s housing market, and local experts hope the springtime will turn it around, reports the Woodstock Sentinel Review.
Last spring, Woodstock's market performed very well, with a flurry of sales closing. However, it's an entirely different story this year, as the seemed to drop nearly as fast as the temperature outside.
A recent data release from the Woodstock and District Real Estate Board notes that home sales in January were “on hold,” with only 41 units throughout Woodstock and the surrounding area. This represents a decline of 41 per cent from January 2013.
“I think it was more of a weather report than a real estate report,” Woodstock and Ingersoll Real Estate Board president William Cattle said in an interview. “It was like people were locked down due to the weather.”
The report for February shows that the sales volume increased to 66 homes sold, but despite that, sales were still down 36 per cent year-over-year. According to Cattle, the market might soon reverse its downward trend, as “the six-foot snow banks are gone and roads are clear.”
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