A Review of August 2022

Despite the slow down from earlier in the year, Oakville remains a hot real estate market but buyers are seeing more balance as they have a better chance of competing for homes these days. For those hoping to make a purchase, prices are rising and we are beginning to notice that Conditions are once again
being added to offers but when it comes to available inventory, we are now closer to a pre-pandemic market. Sellers in the area continue to see properties being sold for well over asking prices but with more competition, the importance of ensuring their home is staged and marketed effectively is growing.

 

Now that people have returned from their summer vacations and obligations, the upcoming months should provide better indicators for what to expect moving forward but it appears safe to say that we have returned to a more stable market than we have experienced recently. With 67 fewer home sales than August 2021, the number of Sales in Oakville has increased month over month by 14%; a slight sign of our market in recovery. Average prices have risen from $1.6 Million to well over $1.7 Million since last year but the amount of time homes remain on the market continues to rise thanks to a massive bump in active listings. Last August, there was 118 properties available for purchase.

 

That amount of inventory more than tripled in August of 2022 at 365. As the end of the year quickly approaches, it’s important that those looking for a change of address speak with the right expert right away. Our real estate specialists are highly skillful at leveraging each opportunity to benefit their clients while offering unmatched service and friendly advice. We help home buyers and sellers every day and we would be happy to do the same for you. For any Oakville area real estate questions, contact Team RINA!

 

 – Rina DiRisio

 

Here is a snapshot of the Oakville real estate market for the month of August 2022 in comparison to August 2021, taking into account all property types: