Sunday, November 2, 2014

October 2014

Sales were good this month with 221 sales taking place. The average price for a detached 2-storey home was $961,000 about 2% better than a year ago.  Were you to factor in one very large sale for $14.2 million then the average price would rise above $1.1 million.

Lease sales were about the same as a year ago with 56 rental sales. The cheapest was for a 1BR 1 bathroom condo apt that went for $1400/mth while the most expensive went for $8,000/mth for a detached home in Southeast Oakville.

Here's a quick glance at the high end market over the last 4 years from January through to October.

                           $1-1.5M    1.5 - 2M   2-3M     $3,000,000+       Total sales

2011                      17              38           43               9                     107

2012                      21              255        65              16                     357

2013                      25              61          65               14                    154

2014                      30               8             5                2                      45


Quite the reduction in 2014 upper end sales volumes!  It's almost as if families are deciding to stay put and perhaps renovate. The stock market gyrations are likely adding to this course of action as well.

Financing remains cheap however, with the 5 year variable and closed rates available as low as 2,45% & 2.99%,  respectively.


Friday, October 3, 2014

September 2014

September's sales volume fell 21% year over year however, the average price of a detached 2-storey home was up 20% to $1,094,000.  The average price for a detached bungalow was $734,000 and the average price for a freehold TH was $559,000. Condo apartments & THs were $287,000 and $388,000, respectively.

Days on market (all types of housing) was 28 one day quicker that last year. Sales greater than one million dollars took about a week longer and there were 42 of those.

The rental market saw 52 leases during the month.

With the stock market starting to retreat it will be interesting to see how that impacts the housing market going forward.  Already there seems to be a little back peddling in pricing and sales volumes seem to be lighter.


Monday, August 4, 2014

July 2014

Quite an active month. July's activity was more like June's a which is understandable given the long cold winter we had. Buyer's started  looking later and are still trying to lock up homes for the school year.

There were 249 sales during the month 50 of which sold above $1,000,000.  Last July the sales volume was 33% less.  The average price for a 2 storey home was a wopping $1,075,000 up 16% over a year ago.  A detached bungalow in July wasn't cheap either with an average cost of $840,000 or, approximately 80% the cost of a 2 storey home.

Homes took 33 days to sell which is in line with a year ago and 78 rental properties changes hands.

 

Tuesday, July 8, 2014

June 2014

The price of a detached 2-storey home was up just over 10% from June 2013 to $1,033,000.  Sales were quick at 23 days on average. 57 homes sold over $1,000,000. Last June 39 did. Rentals kept pace with last June with 84 Leases versus 85 last year.  The long lasting Winter and late Spring has resulted in a very busy June. The market should become quiet during the prime holiday season.

Monday, May 5, 2014

April 2014

The cold weather has kept the number of listings down. In fact there were 15% less sales this year compared to April 2013.  Seller's reap the benefit from this lack of inventory as prices were up almost 8%.  The average sale price for a detached 2-storey home was $1,069,000.  76 homes sold above one million dollars compared to 48 last year.  And the average time to sell took a very quick 22 days!

The rental market was busier with 66 rental sales compared to 48 last year.

May should see more inventory and finally some warm weather.

Wednesday, March 5, 2014

February 2014

Quite the exciting month with approximately 20% of the sales going over the asking price.  Let's call it an extremely HOT market!

Although sales volumes were down about 4% from a year ago with 220 sales, this month 44 homes & condo apt/THs sold above the list price.  That's incredible and that helped the average time it took to sell drop by 5 days to 25 days.  Obviously we have a supply shortage but more homes are now starting to hit the market.

Were you to look at the last 3 year average sale price for a detached 2-storey home (the most common type) you can see we have been hovering the $900,000 mark as follows;

       2014                                     2013                                2012

 $912,000                                 $951,000                         $886,000      

And by averaged detached 2-storey it means exactly that.  I did not distinguish between 3, 4, 5 or more bedrooms, nor did I consider the number of garage spaces;  ie. single, double or triple...

Interestingly the average price for a detached bungalow was $795,000 less than 15% less. There were 17 sales this month.

The rental market moved along nicely with 49 leases slightly lower than last Feburary's 55 leases.

The best 5 year mortgage money was 19 basis points more expensive than last year at 3.19% while the variable mortgage rate was a low 2.50%.

Expect this pace to continue this month!

Saturday, February 1, 2014

January 2014

We are still experiencing a shortage of listings. Case in point there were 123 sales this January compared to 167 a year ago.  That's over 35% less!

The good news is prices continue to outperform most of the earlier predictions with the average price for a detached 2-storey home just shy of a million at $999,000.  And that does not distinguish between 3, 4 or 5 bedroom homes or, single versus double/triple garages. Just calculated on all detached 2-storey homes.

A year ago that average was $886,000, almost 13% lower!  And many economists thought prices were going to flat-line in 2013.  Based on the number of multiple Offer sales this January it looks like the first quarter will remain very HOT!!!

The lower sales volume effected all types of homes, including the luxury market where we saw only 12 sales compared to 21 a year ago.

As well, the rental market had 41 leases compared to 68 a year ago.

The good news though is homes and condo's are selling quickly at 33 days on average.

The average detached bungalow sold for $$720,000 up from $650,000 while condo apartments sold for $$449,000 up from $300,000.

Financing remains very attractive and is expected to continue that way through to 2015 with the 5 fixed year rate running at low as 3.39% & 5 year variable at 2.55%. In fact there could be further rate reductions.