June was a terrific month albeit sales waned over the last week as buyers hunker down to enjoy the summer. The average sales price was up 15% to $509,402 year over year. June '08's average was $443,421. Sales volumes mirrored this trend with 17% more sales with 400 this June compared to 342 in June '08.
Financing has bumped up but still remains historically attractive with variable and one year money available at 2.75% and 5 year money at 4.35%.
21 homes sold over a million with 139 sales between $500,000 and $1,000,000.
In addition there were 74 homes and condo's rented during the month.
We would expect the selling activity to soften considerably during July & August, picking up again in September.
Thursday, July 2, 2009
Friday, May 29, 2009
Upper end sales trend continues
May has been a busy month with 258 condo and home sales and 81 rental sales. And we still have a couple of days to go.
30 homes traded at or above one million dollars, that's three times as many as we saw in April. There were also 100 sales between $500,000 and $1,000,000. The average sale price for detached homes bumped up slightly year over year for May to $645,600 from $629,000. That equates to about 2.50%. The market has also seen a sprinkling of multiple offers.
Homes & condo's have taken about a week longer to sell averaging 42 days on the market compared to May '08's 34 days.
Financing is still very attractive with 5 year money holding steady in the 3.60% range and variable rates approaching 2.65% or, prime plus 15 basis points.
30 homes traded at or above one million dollars, that's three times as many as we saw in April. There were also 100 sales between $500,000 and $1,000,000. The average sale price for detached homes bumped up slightly year over year for May to $645,600 from $629,000. That equates to about 2.50%. The market has also seen a sprinkling of multiple offers.
Homes & condo's have taken about a week longer to sell averaging 42 days on the market compared to May '08's 34 days.
Financing is still very attractive with 5 year money holding steady in the 3.60% range and variable rates approaching 2.65% or, prime plus 15 basis points.
Thursday, May 7, 2009
April 2009 sees more upper end sales
It's been a terrific month considering the world economic climate. April had 359 sales down less than 20% for the same period last year when the markets were humming along. There were 10 sales over a million dollars almost doubled March's number of 6 transactions. The highest sale was $3,450,000. In addition, there were 97 sales between $500,000 & a million dollars, and that represents a 70% sales volume increase over March.
April had 57 rental sales, 18 of which were condo apts.
The average time on the market for non-rental sales was 45 days.
Five year money can now be had in the 3.60% range and if you choose the variable rate it approximates 3.15%. A great time to buy as an investment or, for your own enjoyment.
April had 57 rental sales, 18 of which were condo apts.
The average time on the market for non-rental sales was 45 days.
Five year money can now be had in the 3.60% range and if you choose the variable rate it approximates 3.15%. A great time to buy as an investment or, for your own enjoyment.
Thursday, April 2, 2009
The Positive Trend Continues
This March we had 210 sales which is almost a 30% increase over February's activity. Twenty-five homes sold in 2 weeks or less. The average sales price was $451,000 which is about 10% below March '08's average of $500,000 however, sale prices seem to be holding from the initial decline established before Christmas. So far this year prices are holding and sales volumes keep climbing.
Six of the 210 sales were over one million dollars with fifty sales between $500,000 and a million. Almost 75% of the sales were below $500,000 which is similar to March '08's 70%. The upper end , homes above a million, had 17 sales in March '08. It's time we see more sales in the upper end and we will soon see if April's activity can deliver.
Mortgage rates are the lowest in over fifty years with 5 year money hovering the 4% rate and 10 year money can be had for the recent 5 year rates from last fall. And that's amazing! Think of the comfort for first time buyers in knowing that their payment can remain the same for 10 years.
Six of the 210 sales were over one million dollars with fifty sales between $500,000 and a million. Almost 75% of the sales were below $500,000 which is similar to March '08's 70%. The upper end , homes above a million, had 17 sales in March '08. It's time we see more sales in the upper end and we will soon see if April's activity can deliver.
Mortgage rates are the lowest in over fifty years with 5 year money hovering the 4% rate and 10 year money can be had for the recent 5 year rates from last fall. And that's amazing! Think of the comfort for first time buyers in knowing that their payment can remain the same for 10 years.
Friday, March 6, 2009
Some buyers are pouncing
The upward trend in the market continues as does the positive energy. Last month we had twice as many sales as January with 164 transactions. The average sales price was $434,000 down slightly from January '09 sales average of $468,000. And these homes took 46 days to sell compared to February '08 32 day average.
The highest sale was $2,850,000 and three other homes cracked the million dollar mark. 39 homes sold between $500,000 and one million. As well, twenty apartments sold. The highest one was located at Ennisclare on the lake and went for $570,000. There were also 61 rental transactions ranging in price from $1,100 to $7,000 a month.
When comparing the first to months of this year to last year, sales volumes are down 80% from 454 to 252 total sales. Last year 42% of home sales sold above $500,000 compared to 26% this year.
With prime now at 2.50%, five year money @ 4.29% , variable mortgage money at 3.25% and Spring/warm weather on the horizon and the clocks going ahead 1 hour this positive trend should continue.
The highest sale was $2,850,000 and three other homes cracked the million dollar mark. 39 homes sold between $500,000 and one million. As well, twenty apartments sold. The highest one was located at Ennisclare on the lake and went for $570,000. There were also 61 rental transactions ranging in price from $1,100 to $7,000 a month.
When comparing the first to months of this year to last year, sales volumes are down 80% from 454 to 252 total sales. Last year 42% of home sales sold above $500,000 compared to 26% this year.
With prime now at 2.50%, five year money @ 4.29% , variable mortgage money at 3.25% and Spring/warm weather on the horizon and the clocks going ahead 1 hour this positive trend should continue.
Friday, February 6, 2009
January ' 09 versus January ' 08
This January we had 85 sales in the Oakville market which took an average of 80 days to sell. This is down almost 60% from the 196 sales in January 2008 yet up slightly from December 2008 78 sales. Normally most homes sell in 50 days or less.
The City of Toronto's numbers are slightly better but still not pretty with a sales volume decline of 49% for January year over year.
Oakville's January's average sale price was $468,000 compared to $562,000 a year earlier. The majority of the sales were for homes below $400,000 reflecting a number of first time buyers entering the market and taking advantage of the low interest rates and recent price adjustments.
Two years ago in January 2007, 224 homes sold at an average sale price of $429,000.
2007 was a record year and this January's average sales price was 9% higher.
At the moment the energy in the market place is surprisingly very positive with more showing traffic as well there have been a number of multiple offer transactions. There are alot of buyers out there and the sense is they are ready to pounce. Will see just how many buyers decide to take the plunge this month. Last February there were 239 sales.
Interest rates are extremely attractive with a further reduction coming in in March. At the moment you can get 5 year money at 4.37% and variable rate money 3.75%. Should you buy now you can still take advantage of the next interest rate reduction as long as your closing date falls on or after the next change date.
It's a buyer's market! Don't hesitate to bid on desirable properties now. There are alot of homes to choose from and you never know what the seller will take.
The City of Toronto's numbers are slightly better but still not pretty with a sales volume decline of 49% for January year over year.
Oakville's January's average sale price was $468,000 compared to $562,000 a year earlier. The majority of the sales were for homes below $400,000 reflecting a number of first time buyers entering the market and taking advantage of the low interest rates and recent price adjustments.
Two years ago in January 2007, 224 homes sold at an average sale price of $429,000.
2007 was a record year and this January's average sales price was 9% higher.
At the moment the energy in the market place is surprisingly very positive with more showing traffic as well there have been a number of multiple offer transactions. There are alot of buyers out there and the sense is they are ready to pounce. Will see just how many buyers decide to take the plunge this month. Last February there were 239 sales.
Interest rates are extremely attractive with a further reduction coming in in March. At the moment you can get 5 year money at 4.37% and variable rate money 3.75%. Should you buy now you can still take advantage of the next interest rate reduction as long as your closing date falls on or after the next change date.
It's a buyer's market! Don't hesitate to bid on desirable properties now. There are alot of homes to choose from and you never know what the seller will take.
Friday, January 2, 2009
December ' 08 versus December ' 07
Things are still on the slow side in Oakville real estate but at least there is reasonable activity. This December there were 76 sales compared to 146 during December 2007. So the sales volume is almost half of what it was a year ago. The average time on the market for the December 2008 sales was 53 days. This number is actually considerably higher as it does not take into account the instances when a property is cancelled and relisted which resets the days on market back to zero.
The rental market fared better. There were 37 homes and apartments rented this December compared to 36 in December 2007. At the moment there are approximately 200 homes and apartments up for rent ranging in price from $1,100 to $15,000 per month.
2008 has turned out to be a difficult year in real estate as a result of a dismal 4th quarter activity. Let's hope that 2009 turns out to be better.
The rental market fared better. There were 37 homes and apartments rented this December compared to 36 in December 2007. At the moment there are approximately 200 homes and apartments up for rent ranging in price from $1,100 to $15,000 per month.
2008 has turned out to be a difficult year in real estate as a result of a dismal 4th quarter activity. Let's hope that 2009 turns out to be better.
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