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:

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:

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

Finally, A Familiar Oakville Market

Despite the slow down from earlier in the year, Oakville remains a hot real estate market but buyers are seeing more balance as they have a better chance of competing for homes these days. For those hoping to make a purchase, prices are rising and we are beginning to notice that Conditions are once again
being added to offers but when it comes to available inventory, we are now closer to a pre-pandemic market. Sellers in the area continue to see properties being sold for well over asking prices but with more competition, the importance of ensuring their home is staged and marketed effectively is growing.

Now that people have returned from their summer vacations and obligations, the upcoming months should provide better indicators for what to expect moving forward but it appears safe to say that we have returned to a more stable market than we have experienced recently. With 67 fewer home sales than August 2021, the number of Sales in Oakville has increased month over month by 14%; a slight sign of our market in recovery. Average prices have risen from $1.6 Million to well over $1.7 Million since last year but the amount of time homes remain on the market continues to rise thanks to a massive bump in active listings. Last August, there was 118 properties available for purchase.

That amount of inventory more than tripled in August of 2022 at 365. As the end of the year quickly approaches, it’s important that those looking for a change of address speak with the right expert right away. Our real estate specialists are highly skillful at leveraging each opportunity to benefit their clients while offering unmatched service and friendly advice. We help home buyers and sellers every day and we would be happy to do the same for you. 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:

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

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:

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

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:

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

GLEN-ABBEY-JUNE-2022
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SOUTHWEST&CENTRAL-OAKVILLE-JUNE-2022
WESTOAKTRAILS-OAKVILLE-JUNE-2022

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

Making The Most Of A More Balanced Market –

The real estate markets in Oakville and Burlington have recently experienced more homes being listed and once they do go to market, they’re seeing them spend more days on before being sold. So with inventory catching up to the demand, and attractive pricing grabbing a lot more attention, we begin to see a more balanced market than the one we started with at the top of 2022. The biggest factor at play right now are the recently increased interest rates. With buyers looking at a 4% mortgage rate, many are now in a wait-and-see position; hoping that prices drop to get the best opportunity possible. With more choices, and a possibly more affordable price tag, buyers are taking advantage of the balanced market and thinking about their decision a little bit longer. For those listing their homes and hearing rumours that the Days On Market is outrageously long or that homes aren’t selling, that couldn’t be further from the truth. Properties are still being purchased and waiting a few weeks for a sale isn’t abnormal – in fact, it’s still much quicker than expected. The key to a successful sale continues to be pricing and marketing your home properly.

When it comes to listings, the market saw a 47% jump between May 2022 and May 2021. Due to the 364 listings, average sales prices slightly decreased from $1.54M to $1.45Million and the Average Days on the Market rose from around 16 days to 20. There were 56 fewer sales in May 2022 compared to May of last year – a sign that indicates some buyers may be assessing their options while others take advantage of the lower prices.  Homeowners who are looking to go to market and those planning on making a purchase are encouraged to consult with a real estate professional to ensure they make the right choice at the right time during this shifting market.

Don’t miss out on a great opportunity. Speak to an expert from 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 May 2022 in comparison to May 2021, taking into account all property types:

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

BRONTE-CREEK-MAY-2022
GLEN-ABBEY-MAY-2022
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SOUTHWEST&CENTRAL-OAKVILLE-MAY-2022
WESTOAKTRAILS-OAKVILLE-MAY-2022

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

Is There A Shift In The Oakville Market Ahead? –

With temperatures and the amount of homes being listed both on the rise, many Oakville residents are wondering if we are possibly experiencing a real estate market shift. There are definitely some adjustments that will take place as a result of changing interest rates and although inventory in Town is still not meeting the demand of buyers, if the supply begins to increase, it will likely put some pressure on prices – creating a more balanced market. That being said, the market continues to favour sellers at the moment so those interested in purchasing a property should reach out to an agent, get pre-approved, and commit to buying as soon as possible. In the event that the number of active listings increases, it should level the playing field for homeowners and buyers for the time being but it’s important to remember that in the long run, real estate appreciates and though it may fluctuate month to month, it truly only goes in one direction For those with patience, over the long trend of many years and cycles, real estate only goes in one overall direction – and that’s up!

Our Oakville housing market saw a slight decrease in home sales both annually and compared to March while the Average Days on the Market remained around 15 days. The major jump last month was in the number of Active Listings, 318, which increased 37% from April 2021 and was 45% higher than it was in March 2022. As far as Average Sale Prices, they continue to rise due to the undersupplied housing market so price tags spiked from $1.6Million at this time last year to almost $1.8Million in April 2022. As more listings arrive, we may see a lower appreciation in prices and an influx of sales. For those looking to take advantage of the current Seller’s market, now is a great time to start and for those looking to purchase, real estate is always the best and safest investment to venture into.

Need to speak to an expert? Team RINA has the right one for you. Let’s chat!

 – Rina DiRisio

A LOOK AT THE NUMBERS IN OAKVILLE:

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

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

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

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