Well, one month down, 11 to go!
OMDREB, Oakville Milton and District Real Estate Board released its figures this past week and so far, so good!
The Real Estate Market is on the UP! With the Average Sale Price increasing to $1,155,000 from 2018, it represented a 4.68% increase. That is positive news! The Median Price also increased by 11.11% to $950,000 which is UP from 2018, where the Median was $850,000. Although these homes prices seem high for Oakville, Oakville has always been and remains a special place to invest due to our excellent growth & opportunities here. When we polled several Home Buyers to Oakville, responses were similar: we have a favourable school system with many of our schools being in the TOP 10 in Canada ( Abbey Park being #2 according to the Fraser Institute ) and our new Health Care facilities including the new Peter Gilgan Oakville Hospital located in North Oakville.
There were approximately 99 sales in January and that number was down from 2018, where it was 109 homes, so slightly down. With 57% market share to Detach Homes we did see some changes in some categories. The largest increase category was CONDOS, with 26% Market Share. That took over Townhomes & Semis and continues to be the biggest trend right now Canada wide. Between 2019 and 2020 we are going to see 25,000 Home Sales finally close, majority being CONDOS…I’m wondering what will that due to the Real Estate Market. We will have to wait and find out.
The biggest change or increase according to OMDREB, was the Number of Days on the Market, sitting roughly at 47% compared to the previous years. In 2017, we saw homes sell immediately, some 1 hour, some before list date, others sold in 1 day, 3 days and others Agents had to wait a whole week before Offers were submitted. Was this healthy? It was a silly time for buyers and sellers, that is for sure. A time where one had to proceed with caution, but it was often difficult to do so. Sellers were winning and Buyers were paying sometimes $50,000, $100,000, $300,000, $500,000 and up to $1,000,000 or more than Asking Price. Just Crazy. We cautioned our Buyers and removed them from that playing field.
The tables have turned now, with still considerably low interest rates and an abundant of homes listed for sale, it’s still a great time to sell. Many homes and properties have take considerable price adjustments. Homes that are not selling after these adjustments are being taken off the market until future increases take place. So why not take the next step and try an offer? You never know what the Seller is willing to accept. Give us a shout today to learn about the BEST DEALS in OAKVILLE, MILTON, HAMILTON, BURLINGTON & MISSISSAUGA. We have access to privy information and we would love to share it with you.
Visit www.mundenhomes.com and give us a shout at 905 399 5910!
Wayne and Virginia Munden