Oakville’s Home Sales and Listings Picking Up
Although September’s lower sales results is an indication of ongoing caution due to climbing interest rates and pricing trend rumours, there were still more properties purchased than there were in August, which reflects a hint of a return to the active market we witnessed earlier in the year. Some prospective buyers have been checking their budgets for affordability in the face of growing inflation and cost of living hikes while others have been taking advantage of a market that has been more in their favour as of late. Prices are stabilizing with slight month-to-month movement, and year-over-year we are seeing the slow and steady increases that the Oakville’s resale market is known for. With more available inventory, this keeps the resale market more balanced, giving home buyers and sellers more time to consider their alternatives and make adjustments to suit their needs.
With 27 more sales than in August, the number of transactions have increased month over month despite being down 39% from September 2021. Days on Market have also improved monthly, dropping from an average of 30 days to 23. Average prices have risen 4.5% since September of last year but the biggest increase has been in the number of Active Listings. In August, we saw 365 listings. That available inventory number has grown to 400 in September, which is up from 155 in September 2021. Oakville continues to shine as an active market and our real estate professionals take pride in our reputation as the area’s top local experts.
We’re happy to share our knowledge and expertise with those in search of home or looking to list it on the market. For any Oakville area real estate questions, contact Team RINA!
– Rina DiRisio
A Look at the Numbers in Oakville:
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: