Oakville Begins Shift Towards A Balanced Market
When it comes to Oakville’s resale market, we are experiencing a notable slowdown as buyers are being more hesitant than expected during the regular mid-summer dip in sales. As interest rates have increased and impacted transactions throughout July, it’s important to remember that having more properties continually added to our local inventory leads to the return of a more balanced market – which is great news. For those looking to sell their home, don’t let the slight rise of Days on Market alarm you. This is actually a return to the regular time frame we were seeing prior to the surge of demand in late 2021 and early 2022. There are still several qualified Buyers in search of property. They simply now have more choice and are taking a bit longer to make their decision. As for Oakville area buyers, it’s imperative to know the budget you’re working with as well as what each neighbourhood offers before beginning your search.
With average prices about 100k higher than in July 2021, the biggest year over year discrepancy is the amount of sales which lowered from 172 to 95 this past July. It’s also a slow down from the month prior which had 131, indicating that some buyers are waiting to see if home evaluations drop in the upcoming months. They definitely have a selection to choose from since Active Listings jumped from 118 in July 2021 to 301 this July. Whether you are interested in purchasing a property or to list one, be sure to consult with a professional to help you navigate through this evolving market. Our experts have the knowledge, expertise and access to sales data that will get you the best results in these changing times.
Get the inside advantage of having a resale specialist on your side. Contact Team RINA today!
– Rina DiRisio
A Look at the Numbers in Oakville:
Here is a snapshot of the Oakville real estate market for the month of July 2022 in comparison to July 2021, taking into account all property types: