January Snapshot
These figures are exclusively for the Oakville residential market and although all information provided is deemed accurate it is not guaranteed.
The average sale price is found by adding the value of all sales and divided by the number of homes sold. The median sale price is the midpoint sales price of all sales. The variance between the median and the average is primarily accredited to the high price point of the multiple luxury sales in Oakville for the month. A few $5 million plus sales can skew the calculation upward.
These stats do not include sold properties not reported through the Oakville, Milton and District Real Estate Board. For example, a home listed and sold by a Toronto Real Estate Board member who did not list the property on the Oakville board. I know sounds crazy right...who would ever do that and forego the massive exposure to Oakville realtors? Shockingly, it happens.
See further down for our more in depth "Under the Hood" look at the numbers.
Hot New Listings...
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One of the most often asked questions we receive from our clients is “When is the best time to list my house for sale?”. Well the answer in the current market is “right around now”. To explain this we consider 3 key factors; the general cyclical patterns of the market, the relevant home inventory available and the current buyer motivation level.
1. Cyclically, the market is most busy in early Spring through to the beginning of Summer and then again in the Fall. During the Spring season, people have got through the often hectic Christmas season and are thinking about making a purchase with a 90-120 day closing so the current school year is completed. Factor 1: ✅
2. The current inventory available for buyers to choose from is historically very low. There is a lack of quality listings and in particular price brackets and neighbourhoods there is nearly nothing available resulting in multiple offers beginning to occur again. Not at the same frenzied state as 2017 but still a great situation for sellers. It is expected however for more properties to come on the market in the coming warmer Spring months as it’s a popular time for sellers to list so supply and demand may begin to balance out. Factor 2: ✅
3. Showing and offer numbers, low number of days on market and purchase prices above or at list all indicate a healthy and motivated cohort of buyers currently active in the market. This can be accredited to a warmer winter, continuing low interest rates, consumer confidence, immigration and a healthy outlook for the real estate market. A new factor also encouraging people to buy is the rising rental rates and lack of rental options. It is making more sense to buy for many then to rent. Factor 3: ✅
With all three factors in ✅ zone, it is our opinion that now is an ideal time to sell if you have been giving it thought. To discuss further or receive a complimentary pricing evaluation of your home, please don’t hesitate to contact us!
Cheers,
Blair & Peter
A Few of Our Recent Solds...
Town Talk
According to Wiarton Willie Spring is around the corner! Until then these great events in Town will keep you busy this month.
A Taste of Oakville will begin February 19th till March 4th in Downtown Oakville. Participating Restaurants will be offering a prix fixe menu for both lunch and dinner starting at $12 dollars for lunch and $20 for dinner. Visit atasteofoakville.com for a complete list of restaurants and their menus.
Our "Under the Hood" Look at the Numbers
Median Sale Price
January 2020
$1,100,000 (+15.79%)
January 2019
$950,000
January 2020 YTD
$1,100,000 (+15.79%)
January 2019 YTD
$950,000
Average Sale Price
January 2020
$1,129,287 (+0.01%)
January 2019
$1,129,327
January 2020 YTD
$1,129,287 (+0.01%)
January 2019 YTD
$1,129,327
Number of Sales
January 2020
109 (+6.86%)
January 2019
102
January 2020 YTD
109 (+6.86%)
January 2019 YTD
102
Toronto Sales
Average Sale Price
$839,363 (+12.3%)
Number of Sales
4,581 (+15.4%)
Days on Market
30 (-18.9%)
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