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.
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