If you think the stock market activity of late is the only gloomy news take a look at the following activity in the Oakville Real Estate market. Sales volumes are down 60% since September 1st and there are almost four times as many active listings to choose from.
On September 1st there were 345 listings for sale and that number has ballooned to 1,241. 237 homes did sell in September and so far this month(to October 29th) there have been 145 sales. At least we are seeing sales activity albeit at significantly lower volumes and sale prices.
Prices are trending down and are off approximately 10% on average.
On the lease front there were 37 homes/apts for lease on September 1st and now there are approximately 5 times as many with the count at 204. Like homes for sale the average time on the market is over 2 months. A number of people who have bought and have not sold their home are hedging themselves by offering one of their properties for lease.
Looks like we are in for a bumpy ride for the next year or so.
Wednesday, October 29, 2008
Thursday, October 16, 2008
Welcome All!
I'm trying something new - I've joined the world of Bloggers. Even if you're not buying or selling a house right now - knowing a little about what is going on in the market can be useful. So, every week, or more often if there's something that I want to talk about I'll post here about what's going on in the Oakville Real Estate Market and of course talk about some of my listings.
I think if you own or are looking for a home here you're concerned about what's happening with the real estate market here in Oakville. In a nutshell - sales are much softer. Looking at September 08/07 sales volumes were down 21% - which is substantial. The average sale price is up 6% for all of Oakville to $497K - however, taking out one house sale of $5MM from the total - the average is actually flat ($468K).
Oakville is divided into 14 different real estate areas - in 5 of these areas (Central Oakville, College Park, River Oaks, Sherwood Heights and West Oakville) prices have actually dropped about 10%.
Houses are taking longer to sell as well - 40 days this year, vs 35 last September on average. And, in the areas in Morrison, Ford, Oakville, Wedgewood Creek and Southwest Oakville it's taking upwards of 2 months to sell.
All this being said, homes are selling - just slower.
I think if you own or are looking for a home here you're concerned about what's happening with the real estate market here in Oakville. In a nutshell - sales are much softer. Looking at September 08/07 sales volumes were down 21% - which is substantial. The average sale price is up 6% for all of Oakville to $497K - however, taking out one house sale of $5MM from the total - the average is actually flat ($468K).
Oakville is divided into 14 different real estate areas - in 5 of these areas (Central Oakville, College Park, River Oaks, Sherwood Heights and West Oakville) prices have actually dropped about 10%.
Houses are taking longer to sell as well - 40 days this year, vs 35 last September on average. And, in the areas in Morrison, Ford, Oakville, Wedgewood Creek and Southwest Oakville it's taking upwards of 2 months to sell.
All this being said, homes are selling - just slower.
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