A REVIEW OF AUGUST 2022

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!

A REVIEW OF JULY 2022

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!

A REVIEW OF JUNE 2022

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
BRONTE-JUNE-2022
GLENORCHY-JUNE-2022
JOSHUACREEK-JUNE-2022
RIVEROAKS-JUNE-2022
SE-OAKVILLE-JUNE-2022
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!

A REVIEW OF MAY 2022

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
GLENORCHY-MAY-2022
JOSHUACREEK-MAY-2022
RIVEROAKS-MAY-2022
SE-OAKVILLE-MAY-2022
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!

A REVIEW OF APRIL 2022

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!

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!

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

Rina DiRisio

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