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.
