Oakville Market Ends 2022 With A Boost In Activity
A brand-new year is upon us and while 2022 ended with another month of prospective homebuyers taking an overall “wait and see” approach for the rest of the province, the balancing of the market has resulted in a slight boost in sales for the Oakville area. While many other parts of Ontario are experiencing a lot fewer purchases and listings due to the nation’s interest rate hikes, our neighbourhoods have seen quite a spike of both as of late. The rate increases, which also sparked mortgage hikes, have weighed on buying power, even as home prices have been on a recent descent and the average days on market have more than doubled since December 2021 but a plethora of inventory on the market has resulted in local buyers purchasing more homes than predicted to end the year.
The average home price in Oakville for December 2022 was $1,429,899 – an 8% decline from last December’s average sales price but it’s important to remember that average home prices do not show the true extent of price changes because of the substitution effect. Even with a lower home price, mortgage rates and increased interest rates can reduce buying power, so potential purchasers may shift their focus to more affordable options. With 251 active listings on the Oakville market, sales managed to climb 32% over December 2021 and January may tell the same tale as sufficient inventory continues to be available. As 2023 kicks off, there is plenty to pay attention to and speaking with a local expert can make all the difference if you and your family are interested in making a move to start the year with a big, exciting change.
If you’re thinking of buying or selling a property in 2023, our team is here to help. Don’t hesitate to contact Team RINA today and have a very Happy New Year!
A Look at the Numbers in Oakville:
Here is a snapshot of the Oakville real estate market
for the month of December 2022 in comparison to December 2021, taking into account all property types: