A REVIEW OF MARCH 2023
More Changes In The Oakville Market
Sales this February were not predicted to match last February as it was the height of the pandemic’s market activity but with the Bank of Canada holding interest rates steady, prospective buyers now have more budget certainty to work with as we head into the spring market and plenty of properties to choose from. Oakville sold 118 residential properties in February, compared with 211 in February 2022, a decrease of 44%, but the increase in sales month over month from January was 39%, an indication that there may be a rise in activity to come in the months ahead. Active Listings jumped to 279, up from 149 in February 2022 and while Days on the Market is still at 24, it is a 35% decrease from January of this year, another sign that sellers can enter the market with reasonable returns. Average Sale Prices, now at $1.68Million, were up month over month, but still slightly below what they were in February 2022.
Despite the remains of recent snowfalls, there are indications that spring is slowly arriving, and the market may be somewhat warming up as well. Multiple offers and sales above the asking price are certainly not the norm again, but there is optimism that comes along with an increase of available listings and the arrival of potential buyers to take advantage of it. With the increased temperatures, open houses are bringing many property shoppers out of hibernation so we will likely continue to see a bump in listings which may lead to more sales towards the middle of the second quarter of 2023.
Whether it’s a buyer’s market, seller’s market or a balanced market, it’s a market we know best! Be sure to call the market experts at Team RINA today to get the right information right away.