There are 35% more homes/THs and apts on the mkt than there were at this time last year.
858 compared to 636.
Of those 70% are listed at a million dollars or more. Here is the breakdown;
$4000000+ 35
$3-$4mm 40
$2-$3mm 134
$1-$@mm 387
198 properties sold for $1,000,000 or more during this quarter.
The average price of a detached 2-storey homes was $1387600 down 8.5% from last years $1505000 average. Don't be alarmed by that as the mix of price points varies from year to year.
The average price of a detached bungalow was $955,700 up 5% from an average of $912000 last year. Sidesplits fared a little better with an average sale price of $1074000.
The rental market has 253 properties available for lease ranging from a modern 2-storey in Southeast Oakville which is asking $14000/mth to $1600 for an upstairs apt in a low rise building in Bronte.
Many Seller's are experiencing low activity from potential buyer's for open house activity and showings and this is testing their patience.
Wednesday, October 16, 2019
Monday, July 8, 2019
2nd Quarter 2019 vs 2018
On the bright side prices were up just over 5% for detached 2-storey home sales. Also the rental market is going crazy with many accommodations receiving multiple Offers to Lease, and the actual number of Leases has doubled.
The doom and gloom is the actual number of sales. For all types of properties, condo's, semi's, THs... there were approximately 400 sales compared to about a 1000 in 2018. Detached 2-storey homes dropped to 181 sales from 522. That is significant.
Buyer's have more choice but still have to deal with tight lending rules and high prices which makes acquiring a property difficult.
It's difficult to forecast the remainder of the year so we will just have to wait and see.
Thursday, May 23, 2019
1st Quarter 2019 vs 1st Quarter 2018
The market remains a Buyer's market with thin inventory levels. It also requires you to be patient as properties are taking longer to sell. With this late Spring we expect the summer period to more active than usual as families scurry around to relocate their homes.
The average sale price for a detached 2-storey homes was $1391500 down 2% from 2018's $1421000. This is similar to the average price back in 2016.
Sale volumes were up 8.25% for detached 2-storey homes with 287 sales compared to 263 in 2018. Volumes were up 4% overall for all sales types of housing; condo's, semi's...
Price, in this market, is surprisingly not necessarily tied to a quick sale. I know of an instance where a home initially on the market in the $1.3mm range for a couple of months tried to auction it off by reducing the asking price to below a million dollars and wound up reverting it back to their higher price after not securing an acceptable Offer. That home was on at the lower price for 2 weeks.
Interest rates should remain flat with the possibility of a slight reduction to stimulate the housing market and aid the growing mounds of personal debt.
The average sale price for a detached 2-storey homes was $1391500 down 2% from 2018's $1421000. This is similar to the average price back in 2016.
Sale volumes were up 8.25% for detached 2-storey homes with 287 sales compared to 263 in 2018. Volumes were up 4% overall for all sales types of housing; condo's, semi's...
Price, in this market, is surprisingly not necessarily tied to a quick sale. I know of an instance where a home initially on the market in the $1.3mm range for a couple of months tried to auction it off by reducing the asking price to below a million dollars and wound up reverting it back to their higher price after not securing an acceptable Offer. That home was on at the lower price for 2 weeks.
Interest rates should remain flat with the possibility of a slight reduction to stimulate the housing market and aid the growing mounds of personal debt.
Sunday, January 6, 2019
4th Quarter 2018 compared to 2017
Many homes are languishing on the market and taking a lot longer to sell, requiring price reductions in many cases to achieve a sale. Days on market are up one week to 37 days on average from 30 days during the same period in 2017. And many unsold homes have been on the market for months.
Interestingly, the average price of a detached 2 storey home sold for $1646000 compared to $1476000, up 11.5%. Condo apartment prices were also up to $535000 on average up 8.5% from $492000 in 2017. Bungalows did not fare as well and had an average sale price of $1018000 down 25% from $1268000. There were more expensive bungalow sales in Southeast Oakville in 2017 compared to those which sold in 2018 which attributed to this change.
The big news is sales volumes continue to be low and were off 110% fourth quarter over fourth quarter from 549 sales in 2017 to 248 sales in 2018. That's a significant difference.
Rental sales were down 13% to 204 from 231.
Like 2018 it looks like 2019 will be another difficult year especially with the current turmoil in the stock market, Trump shenanigan politics and the forecast of more interest rate increases. But we will know more in a couple of months as to how the year will unfold.
If the economy turns to a more positive tone we could see a number of the baby boomers who have been sitting on the fence wondering whether to sell/cash out, come to market. Were that to happen we will have an onslaught of inventory and a buyer's market! And there are many buyer's waiting for more choice properties to hit the market.
Interestingly, the average price of a detached 2 storey home sold for $1646000 compared to $1476000, up 11.5%. Condo apartment prices were also up to $535000 on average up 8.5% from $492000 in 2017. Bungalows did not fare as well and had an average sale price of $1018000 down 25% from $1268000. There were more expensive bungalow sales in Southeast Oakville in 2017 compared to those which sold in 2018 which attributed to this change.
The big news is sales volumes continue to be low and were off 110% fourth quarter over fourth quarter from 549 sales in 2017 to 248 sales in 2018. That's a significant difference.
Rental sales were down 13% to 204 from 231.
Like 2018 it looks like 2019 will be another difficult year especially with the current turmoil in the stock market, Trump shenanigan politics and the forecast of more interest rate increases. But we will know more in a couple of months as to how the year will unfold.
If the economy turns to a more positive tone we could see a number of the baby boomers who have been sitting on the fence wondering whether to sell/cash out, come to market. Were that to happen we will have an onslaught of inventory and a buyer's market! And there are many buyer's waiting for more choice properties to hit the market.
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