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:
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