Is There A Shift In The Oakville Market Ahead? –
With temperatures and the amount of homes being listed both on the rise, many Oakville residents are wondering if we are possibly experiencing a real estate market shift. There are definitely some adjustments that will take place as a result of changing interest rates and although inventory in Town is still not meeting the demand of buyers, if the supply begins to increase, it will likely put some pressure on prices – creating a more balanced market. That being said, the market continues to favour sellers at the moment so those interested in purchasing a property should reach out to an agent, get pre-approved, and commit to buying as soon as possible. In the event that the number of active listings increases, it should level the playing field for homeowners and buyers for the time being but it’s important to remember that in the long run, real estate appreciates and though it may fluctuate month to month, it truly only goes in one direction For those with patience, over the long trend of many years and cycles, real estate only goes in one overall direction – and that’s up!
Our Oakville housing market saw a slight decrease in home sales both annually and compared to March while the Average Days on the Market remained around 15 days. The major jump last month was in the number of Active Listings, 318, which increased 37% from April 2021 and was 45% higher than it was in March 2022. As far as Average Sale Prices, they continue to rise due to the undersupplied housing market so price tags spiked from $1.6Million at this time last year to almost $1.8Million in April 2022. As more listings arrive, we may see a lower appreciation in prices and an influx of sales. For those looking to take advantage of the current Seller’s market, now is a great time to start and for those looking to purchase, real estate is always the best and safest investment to venture into.
Need to speak to an expert? Team RINA has the right one for you. Let’s chat!
– Rina DiRisio
A Look in the Numbers in Oakville:
Here is a snapshot of the Oakville real estate market for the month of April 2022 in comparison to April 2021, taking into account all property types: