A REVIEW OF MARCH 2022

Demand Remains Steady As Listings & Sales Inch Up –

As we prepare to enter what’s traditionally the busiest season of the year, we are seeing multiple offers on many homes, therefore, record breaking prices on most properties. These days, it’s really tough to evaluate homes since we can barely use recent sales as a gauge because the prices increase so quickly and real estate seems to be selling for a much higher price than first anticipated. For those interested in buying, expect to be very competitive when it comes to your offer and don’t get caught up in how much properties are listed for since these are often purposely set low to bring in more offers which then sell for above asking price. Sometimes they sell for what seems to be “too much”, but that’s the current market in Oakville for the foreseeable future. For those looking to sell your home or investment property, the timing has never been more in your favour but it’s best to consult a qualified, experienced real estate professional as your first step to ensure the process is not only easier, but more profitable.

Our Oakville housing market saw steady home sales activity, significant increases in property listings and continued upward trends in pricing in March. While listings did not surpass what we saw in March 2021, they did grow from the amount listed in February of this year, so the Spring market is definitely warming up. Last month, the Oakville area had 220 listings, a slight 6% decrease from this time last year but posted 71 more than the month before. As for Sales, there were 266 in March versus 210 in February but that is just over half of the amount sold in March of 2021. Despite having a higher volume of people listing their homes for sale in March, the housing market remains significantly undersupplied, which has been pushing home prices to new highs month after month. Average Sale Prices are now at $1.9 Million, $295k higher than they were in March 2021 and have jumped another $54,000 since February of this year.

Looking for a change? Now is the best time and RINA has a dedicated best team. Let’s make this April a special one.

 – Rina DiRisio

 

A LOOK AT THE NUMBERS IN OAKVILLE:

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

Click the links below for our neighbourhood-specific market updates:

BRONTE-CREEK-MARCH-2022
GLEN-ABBEY-MARCH-2022
GLENORCHY-MARCH-2022
JOSHUACREEK-MARCH-2022
RIVEROAKS-MARCH-2022
SE-OAKVILLE-MARCH-2022
SOUTHWEST&CENTRAL-OAKVILLE-MARCH-2022
WESTOAKTRAILS-OAKVILLE-MARCH-2022

For more personalized information, click the ‘Let’s Talk’ button in the top right corner and let’s chat!

A REVIEW OF FEBRUARY 2022

SALES AND LISTINGS PICKING UP IN OAKVILLE –

The current market is a familiar tale. Simply put – there are a lot more home buyers than there are homes for sale. This is a common condition affecting many Canadian cities since the start of 2021, and the Oakville real estate area is no exception. There are lots of buyers, but still very few properties to go around and as a result, housing market forecasts predict that we will experience continued home-price appreciation over the next coming months. All that aside, buyers who are serious about purchasing a property are strongly encouraged to take that step as soon as possible to avoid paying more later on and with a limited amount of homes available, hesitation will likely lead to missing out on that dream home. This means that the right time for both sellers and buyers is right now!

The Oakville housing market continues to climb as the Spring time approaches. While February’s home sales activity may not have exceeded what it was in February 2021, the jump we’re seeing month over month is pretty exciting. The number of sales increased from 101 to 210 from January to February and more significantly, the number of Active Listings more than doubled – rising from 80 to 149 last month. The main story of the market continues to be one that favours home- sellers as Days on the Market have lowered from 17 in February 2021 to a speedy 10 in 2022 and Average Sales Prices have soared by over $270k since this time last year. As prices continue to rise, many experts predict more homeowners to list their home for sale, however with so much buyer demand it is going to take a record amount of new listing activity to really move the inventory peg much. That aside, there are phenomenal signs of the housing market’s renewed strength and March should be another great opportunity to make a buying or selling decision for you and your family.

If you’re thinking about making a move, think about Team RINA and we’ll make it a great choice together. All the best to you and yours this March!

 – Rina DiRisio

 

A LOOK AT THE NUMBERS IN OAKVILLE:

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

Click the links below for our neighbourhood-specific market updates:

BRONTE-CREEK-FEBRUARY-2022
GLEN-ABBEY-FEBRUARY-2022
GLENORCHY-FEBRUARY-2022
JOSHUACREEK-FEBRUARY-2022
RIVEROAKS-FEBRUARY-2022
SE-OAKVILLE-FEBRUARY-2022
SOUTHWEST&CENTRAL-OAKVILLE-FEBRUARY-2022
WESTOAKTRAILS-OAKVILLE-FEBRUARY-2022

For more personalized information, click the ‘Let’s Talk’ button in the top right corner and let’s chat!

A REVIEW OF JANUARY 2022

HAS SPRING SPRUNG EARLY FOR OAKVILLE? –

February has arrived and although it’s still winter, Oakville’s real estate market is looking far from chilly! If the thought of putting your home up for sale has crossed your mind, now may be the time to do it. Home sales and listings in the local area are currently making a comeback, which is great news for homeowners who are looking to go to market with their property and if you’re wondering whether or not now is a good time to buy, the answer is also yes – especially if you’re looking to get a head start on the annual springtime spike. One of the main reasons many families choose to buy in the spring is to schedule their move for the summer to prevent relocating their children halfway through the school year. Not only are kids home during that period but a possible reason for the move is that a parent may also be transitioning to a new job so it makes sense why this would be an ideal time to start the home purchasing process.

Looking at January 2022’s numbers, Average Sales Prices continue to rise due to the ongoing lack of available inventory which has been a huge bonus for sellers so far this year. The average cost jumped to $1.86 Million – an increase of 17% over January 2021 while the Average Days On The Market dropped from 11 days last year to only 7 this year! In regards to listings and sales, there were fewer made this January than last but there has been a significant increase since December 2021 that indicates a market revving up for another sizzling Spring. There were 80 active listings and 101 sales last month – up from 45 and 94 in December, respectively, so if you’re considering a change of address, why wait? Contact the experts at Team RINA today.

Wishing you and your loved ones a fabulous February!

 – Rina DiRisio

 

A LOOK AT THE NUMBERS IN OAKVILLE:

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

Click the links below for our neighbourhood-specific market updates:

BRONTE-CREEK-JANUARY-2022
GLEN-ABBEY-JANUARY-2022
GLENORCHY-JANUARY-2022
JOSHUACREEK-JANUARY-2022
RIVEROAKS-JANUARY-2022
SE-OAKVILLE-JANUARY-2022
SOUTHWEST&CENTRAL-OAKVILLE-JANUARY-2022
WESTOAKTRAILS-OAKVILLE-JANUARY-2022

For more personalized information, click the ‘Let’s Talk’ button in the top right corner and let’s chat!

A REVIEW OF DECEMBER 2021

Is That Days On The Market Or A New Years Countdown? –

As we enter a brand-new year, the Oakville housing market continues to see a combination of rising prices and a shortage of housing supply leading to an ongoing seller’s market. We are starting to see some price adjustments, but inventory is flying off the market almost as soon as it arrives. With a slightly lower price tag than in previous quarters, they are still significantly higher than this time last year so sellers still have the same strong bargaining position they’ve had for the past three to six months.

While sales are down year over year, December’s closings were fairly typical for the month. House & Condo sales fell 31 percent year over year last month, dropping from 42 properties sold last December to 15 this year. The more startling stat currently is how homes are remaining on the market for fewer days when comparing year over year and month after month. In December 2020, the average days spent on the market was 42, last month was a speedy 15 – even quicker than November and October 2021. Average home prices have jumped over $200,000 since this time last year; rising from $1.38 to $1.58 Million!

Ontario recently reinstated some restrictions that may impact the market this January but it’s a new year and there’s no better time to start fresh. Overall, prices are lower than last month and days that homes spend on the market are at an all-time low so if you’re thinking about buying or selling your home, now would be a great time to speak with one of our experienced agents who can help guide you through what might happen in 2022!

Wishing you and your loved ones all the best from 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 November 2021 in comparison to November 2020, taking into account all property types:

Click the links below for our neighbourhood-specific market updates:

BRONTE-CREEK-DECEMBER-2021
GLEN-ABBEY-DECEMBER-2021
GLENORCHY-DECEMBER-2021
JOSHUACREEK-DECEMBER-2021
RIVEROAKS-DECEMBER-2021
SE-OAKVILLE-DECEMBER-2021
SOUTHWEST&CENTRAL-OAKVILLE-DECEMBER-2021
WESTOAKTRAILS-OAKVILLE-DECEMBER-2021

For more personalized information, click the ‘Let’s Talk’ button in the top right corner and let’s chat!

A REVIEW OF NOVEMBER 2021 & HAPPY HOLIDAYS

It’s Beginning To Look A Lot Like… Normal! 

As 2021 wraps up, life may be returning to a post-pandemic normal and although Oakville’s housing market still shows signs of its impact, there’s a lot to be excited for. With Average Prices up 22% from this time last year and a recent steadiness of listings and sales, the volatility of the market seems to have settled so homeowners looking to sell this holiday season are understandably full of cheer.

The main reason for the success in sales is the unexpected low supply of inventory which has properties getting snapped up faster than ever. The total number of new listings saw a decrease of 36% for Single Family homes and 34% for Townhouses and Condos compared to last year. For those hoping to buy – whether it’s moving the family to a new house or finding an office space, there are still options available but acting quickly is in your best interest. Due to the competition on bids and spike in prices, a major trend we’re seeing are first-time home buyers reaching out to their families to help them complete down-payments and co-sign for purchases. Stay tuned for more market insights with Oakville’s hardest working team! 

 – Rina DiRisio

 

A LOOK AT THE NUMBERS IN OAKVILLE:

Here is a snapshot of the Oakville real estate market for the month of November 2021 in comparison to November 2020, taking into account all property types:

Click the links below for our neighbourhood-specific market updates:

BRONTE-CREEK-NOVEMBER-2021
GLEN-ABBEY-NOVEMBER-2021
GLENORCHY-NOVEMBER-2021
JOSHUACREEK-NOVEMBER-2021
RIVEROAKS-NOVEMBER-2021
SE-OAKVILLE-NOVEMBER-2021
SOUTHWEST&CENTRAL-OAKVILLE-NOVEMBER-2021
WESTOAKTRAILS-OAKVILLE-NOVEMBER-2021

For more personalized information, click the ‘Let’s Talk’ button in the top right corner and let’s chat!

A REVIEW OF OCTOBER 2021

SELLERS SEEING SUCCESS – HOW ABOUT BUYERS? –

Last month, average prices were up 23% over October 2020 which is excellent news for Oakville sellers but what about those looking to buy these days? If you’ve been in the market for a new home for a while, and still haven’t found “the one,” you might need to try a different strategy in your house hunt. With listings down 60% in October compared to this time last year, it’s not unusual to see properties receive multiple offers – within hours – instead of days. Here’s a few ways buyers can get a much-needed advantage.

As of October, the average number of days a property lasts on the market was just 17! If you’re looking to buy in a highly sought-after neighborhood, get started on your search as soon as possible. Contact a real estate expert and be prepared to make both the purchase and an actual move to your new place from your current one.

Get Preapproved. In any market, it’s beneficial to always assume that there is going to be a multiple offer situation. After viewing a home, speed is often the best strategy that can lead to having the winning bid and you may only have a day or two before an offer is accepted. When shopping for your home, you’ll want to be “offer ready” to submit any required paperwork and deposit because if you aren’t, someone else will be.

Try and keep your offer simple. When faced with multiple offers, sellers have the privilege of choosing the easiest for them which means that buyers should avoid including contingencies, like completing inspections, that need to be fulfilled before moving forward with the transaction. Product knowledge and neighbourhood knowledge is key to understanding the future value of your investment. A seasoned agent can guide you in the right direction.

A LOOK AT THE NUMBERS IN OAKVILLE:

Here is a snapshot of the Oakville real estate market for the month of October 2021 in comparison to October 2020, taking into account all property types:

Click the links below for our neighbourhood-specific market updates:

BRONTE-CREEK-OCTOBER-2021
GLEN-ABBEY-OCTOBER-2021
GLENORCHY-OCTOBER-2021
JOSHUACREEK-OCTOBER-2021
RIVEROAKS-OCTOBER-2021
SE-OAKVILLE-OCTOBER-2021
SOUTHWEST&CENTRAL-OAKVILLE-OCTOBER-2021
WESTOAKTRAILS-OAKVILLE-OCTOBER-2021

For more personalized information, click the ‘Let’s Talk’ button in the top right corner and let’s chat!

A REVIEW OF SEPTEMBER 2021

SPEEDY SEPTEMBER SALES FOR OAKVILLE MARKET –

Big smiles came quickly for Oakville residents selling their home this September. With the Average Sales Price for each property hiking up another 11%, homes that went to market did not stay on very long. In September 2020, the amount of days on average it took for a sale was 27 – this year, homes found happy new owners in only 18!

Aside from houses, according to the Oakville, Milton and District Real Estate Board, townhomes and condos witnessed an even larger increase in property value, now listed at $975,154 – an almost 16% jump from this time last year. Although the amount of listings fell from 161 to 132, the amount of sales rose by close to 8%.

As the autumn season sets in, the supply of homes for sale remain lower than the demand of potential buyers which may present more competition (or keep many out of the market) for those looking in the Oakville area. If you’re interested in buying, acting now would be your best option as October is trending in a similar direction. Some experts are predicting that demand from first time buyers may help cause an increase in the average residential sale price for all home types between now and the
end of the year.

We will continue to closely monitor trends in and around Oakville to provide you with the latest insights and real estate advice. Wishing you and yours all the best this Fall!

A LOOK AT THE NUMBERS IN OAKVILLE:

Here is a snapshot of the Oakville real estate market for the month of September 2021 in comparison to September 2020, taking into account all property types:

Click the links below for our neighbourhood-specific market updates:

BRONTE-CREEK-SEPTEMBER-2021
GLEN-ABBEY-SEPTEMBER-2021
GLENORCHY-SEPTEMBER-2021
JOSHUACREEK-SEPTEMBER-2021
RIVEROAKS-SEPTEMBER-2021
SE-OAKVILLE-SEPTEMBER-2021
SOUTHWEST&CENTRAL-OAKVILLE-SEPTEMBER-2021
WESTOAKTRAILS-OAKVILLE-SEPTEMBER-2021

For more personalized information, click the ‘Let’s Talk’ button in the top right corner and let’s chat!

A REVIEW OF JULY 2021

HOME PRICES & HOUSING DEMAND HOLDING STEADY IN JULY 2021 –

Reports show a slowing market in July, but for those hoping to sell their homes this summer, July 2021 was a great month! According to a news release from the Toronto Regional Real Estate Board, strong demand for home ownership is continuing in the GTA area, with nearly 9,500 sales reported in July 2021. Though demand is continuing to slow from peak-pandemic levels, housing demand is continuing to trend ‘well-above average’ relative to what is typical during the month of July, and ‘seller’s’ market conditions sustained a double-digit annual rate of price growth.

That being said, sales were slightly lower than the average was at this time last year, and the number of new property listings saw a decrease compared to last year. OMDREB President Lynn Hoffmann says that sales numbers are cooling down across the board compared to last year but that this slight dip is in line with the regular seasonal trend. Unsurprisingly, listing inventory is down, but average prices are still on the rise. Sales prices are still enjoying a 25% growth rate for most homes and condominiums, and the average number of days on market until sale dropped over 50% compared to the same period last year.

In Oakville, the average sale price for a home was up over 22% this year compared to last, and the average price for a townhouse or condo was up over 25%. The same was true of both housing types in Milton for the same period. These numbers show clear evidence that the markets are holding steady for the time being. If you’re considering whether now is the best time to buy or sell a new home in the GTA, reach out as soon as possible to get an estimate from one of our expert realtors!

A LOOK AT THE NUMBERS IN OAKVILLE:

Here is a snapshot of the Oakville real estate market for the month of July 2021 in comparison to July 2020, taking into account all property types:

Click the links below for our neighbourhood-specific market updates:

BRONTE-CREEK-AUGUST-2021
GLEN-ABBEY-AUGUST-2021
GLENORCHY-AUGUST-2021
JOSHUACREEK-AUGUST-2021
RIVEROAKS-AUGUST-2021
SE-OAKVILLE-AUGUST-2021
SOUTHWEST&CENTRAL-OAKVILLE-AUGUST-2021
WESTOAKTRAILS-OAKVILLE-AUGUST-2021

For more personalized information, click the ‘Let’s Talk’ button in the top right corner and let’s chat!

SUMMER 2021 MARKET UPDATE

SUMMER HAS ARRIVED AND IT’S HEATING UP THE OAKVILLE MARKET –

According to the TRREB (Toronto Regional Real Estate Board), May showed a minor sales decline in the Oakville real estate market following the March Peak, but the TRREB believes this is only temporary and that the market should continue to sustain its current high resale price rates. May rates were down to just over 18,500 new listings, down about 2,300 from April, but numbers are still up to nearly 10,000 above what they were this time last year.

The TRREB believes this will mean that resale values remain high and will likely increase even further, with average resale prices across all home types in the GTA continuing to grow month-to-month. Those actively looking to purchase a home continue to face a lot of competition from other buyers, which inevitably leads to increased prices.

One major contributor to increasing resale values is the massive lack in housing supply that has persisted through the pandemic, with borrowing rates continuing to stay low and demand remaining red hot. As Ontario continues to reopen and the world begins to return to normal, the TRREB believes we will see a significant increase in immigration into the area in the next couple of years that will further increase demand and add positive value to resale prices.

The market is continuing to stay extremely hot and competitive. If you’re considering making a move this year, our team can help you discover what your home is worth and how to best position you for selling success in the current market! We are your number one resource for all things real estate — give us a call today!

A LOOK AT THE NUMBERS IN OAKVILLE:

Here is a snapshot of the Oakville real estate market for the month of June 2021 in comparison to June 2020, taking into account all property types:

Click the links below for our neighbourhood-specific market updates:

BRONTE-CREEK-JULY-2021
GLEN-ABBEY-JULY-2021
GLENORCHY-JULY-2021
JOSHUACREEK-JULY-2021
RIVEROAKS-JULY-2021
SE-OAKVILLE-JULY-2021
SOUTHWEST&CENTRAL-OAKVILLE-JULY-2021
WESTOAKTRAILS-OAKVILLE-JULY-2021

For more personalized information, click the ‘Let’s Talk’ button in the top right corner and let’s chat!

real estate oakville

SPRING 2021 MARKET INSIGHTS

A LOOK BACK AT MARCH & APRIL AND PREDICTIONS FOR MAY –

We have seen an increase in inventory in April and March compared to January and February of this year. The number of sales has also increased substantially over the last two months although we have seen a slight cooling in showings over the last two of weeks due to the latest lockdown, which we believe is likely only temporary.

Sale prices are an at all-time high with no sign of decreasing. Compared to April of last year, sales are up a whopping 330% while active listings are down by almost 46%.

The average sale price of homes of all types in Oakville was $1,667,854 in April of this year; an increase of 33.3% compared to April of last year.

Buyer confidence is high, and demand is unwavering so we expect to see continued strength in the market for the foreseeable future.

DO YOU HAVE ANY INSIGHTS ON PROPERTY SHOWINGS AND HOW MUCH INTEREST AND ACTIVITY HOMES ARE GETTING?

Certain properties are getting a lot of showings, while others have noticed a decrease in interest brought on by the latest lockdown. This is true across all price ranges – from the high-end luxury home market to less expensive condos and townhouses. The number of competing offers in April has eased somewhat, yet we continue to see multiple offers on well-priced homes in all price ranges. There’s no real answer to generalize what’s doing well and what is not. It certainly helps to have a well-staged, clean, market-ready home to generate interest.

ADVICE FOR SELLERS?

I expect market activity to increase towards the end of May as we emerge out of the latest lockdown. A decrease in showing activity – if you’ve noticed one – is not an indication to lower your price.

ADVICE FOR BUYERS?

If you’re ready to buy, and it makes sense for your situation – get the ball rolling. Don’t wait for prices to fall. While there are fluctuations in price here and there, the overall trend is upwards. Housing in Oakville and the GTA is in high with no sign of decreasing.

A LOOK AT THE NUMBERS IN OAKVILLE:

Here is a snapshot of the Oakville real estate market for the month of April 2021 in comparison to April 2020, taking into account all property types:

For more personalized information, click the ‘Let’s Talk’ button in the top right corner and let’s chat!

Rina DiRisio
B.A., SALES REPRESENTATIVE
Lifetime resident of Oakville

Rina DiRisio

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