Knowing Your Market Is Key
When you are thinking of buying or selling your home, it’s important to understand what’s happening in the housing market. There are obviously many factors to consider – what type of home you have or are looking for, the neighbourhood, etc. – and most importantly, what the market is like in your local area. The real estate market in Oakville should really be looked at in two timeframes. When we look at stats both year over year, and month over month, it’s clear that the market has recently shifted but this is actually good news since over-heated markets are never positive in the long run. As expected, higher interest rates are impacting sales, which can cause buyers to hesitate but keep in mind that in Oakville, year-to-date sales are still up, and prices are still above expectations for the year. Currently, inventory is higher than what we saw in June 2021, but there is continuous demand which means it’s still a great time to sell your home. Sellers who price their home strategically will sell quickly but it’s essential to have an expert on your side to get an accurate property evaluation. For buyers, prices are currently in your favour and with listings on the rise, it’s wise to move fast and speak with a professional about your options.
It’s typical to see a summer slow down in sales and that trend has continued. With 131 Sales – down 38% from May, it comes as no surprise but it’s also 77 fewer homes than were sold in June of 2021 which indicates that the Oakville market has slightly cooled off compared to last year. As far as Active Listings, June saw 306 properties for sale, up 65% from June 2021 and the average amount of days those homes usually last on the market dropped to only 12! Sellers who have taken advantage of the Second Quarter demand have been rewarded nicely since Average Sales Prices are still higher than last year, though not by much.
Don’t let a shifting market get the best of you. Consult with one of our experts at 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 June 2022 in comparison to June 2021, taking into account all property types: