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!
Wednesday, March 5, 2014
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.
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.
Sunday, December 1, 2013
November 2013
Sales volumes were off almost 30% with 157 sales of homes and condo's during the month. Last November there were 203 sales.
Prices remain strong, and the average price for a detached 2 storey home in Oakville has finally edge above the million dollar mark with an average sale price of $1,044,000. A record high!
There were more high end sales with 23 sales above one million dollars compared to 18 in November 2012. That's quite something considering the lower number of sales.
The time to sell took a relatively quick 36 days and the rental market remained active with 54 sales during the month. 10 of those were for condo apartments.
Financing remains very attractive with 5 year fixed loans available at 3.49% & 5 year variable at 2.55%.
Prices remain strong, and the average price for a detached 2 storey home in Oakville has finally edge above the million dollar mark with an average sale price of $1,044,000. A record high!
There were more high end sales with 23 sales above one million dollars compared to 18 in November 2012. That's quite something considering the lower number of sales.
The time to sell took a relatively quick 36 days and the rental market remained active with 54 sales during the month. 10 of those were for condo apartments.
Financing remains very attractive with 5 year fixed loans available at 3.49% & 5 year variable at 2.55%.
Friday, November 1, 2013
October 2013 sales activity
211 apartments & homes traded hands during the month off about 13% from a year ago. Prices remain high with the average price for a 2-storey home selling for $945,000 about the same as last October's $948,000 number (off a 1/4 point). The time to sell was also virtually the same with 34 days this year compared to 35 days in Oct' 2012. And the same number of homes sold above a million dollars with 33 sales during the month.
Interestingly, the ultra high end market has not fared as well as last year, although you could argue that 2012 was an exception. The following are the number of sales for the first 10 months for each of the last 3 years.
Sale Price > $1,500,000 > $2,000,000 > $3,000,000 Total
2011 38 43 9 90
2012 255 65 16 336
2013 61 65 14 140
The rental market was reasonably active with 50 leases. 17 were for condo apartments. The cheapest of those was a $1,000/mth for a 1BR 1 bath apartment in Bronte. The most expensive was for a fully furnished apartment in downtown Oakville which was leased for $4,200/mth.
Interestingly, the ultra high end market has not fared as well as last year, although you could argue that 2012 was an exception. The following are the number of sales for the first 10 months for each of the last 3 years.
Sale Price > $1,500,000 > $2,000,000 > $3,000,000 Total
2011 38 43 9 90
2012 255 65 16 336
2013 61 65 14 140
The rental market was reasonably active with 50 leases. 17 were for condo apartments. The cheapest of those was a $1,000/mth for a 1BR 1 bath apartment in Bronte. The most expensive was for a fully furnished apartment in downtown Oakville which was leased for $4,200/mth.
Thursday, October 10, 2013
September 2013
Hello. September has been an active month w/many homes selling quickly. The average days on market was 29. The average price for a detached 2-storey home was $909,000 which is up 4% from September 2012.
We had 58 rental properties change hands ranging in price from $1325 to $8500/mth. The cheapest one was for a newer modest sized condo apartment while the highest rental sale went for a delightful lakefront home.
Financing rates are still very attractive w/no immediate signs of rate increases on the horizon. Variable rates are still the same as a year ago at 2.60% for 5 years. Fixed 5 year has gone up from 3.09% to 3.69%, yet still very attractive.
We had 58 rental properties change hands ranging in price from $1325 to $8500/mth. The cheapest one was for a newer modest sized condo apartment while the highest rental sale went for a delightful lakefront home.
Financing rates are still very attractive w/no immediate signs of rate increases on the horizon. Variable rates are still the same as a year ago at 2.60% for 5 years. Fixed 5 year has gone up from 3.09% to 3.69%, yet still very attractive.
Monday, September 2, 2013
August 2013
A fairly active month with 205 properties changing hands. 30 of those sold above $1,000,000.
The time to sell took 34 days which is up slightly from last years 29 days & this July's 28 days.
The average price for a detached 2-storey home sale was $904,000. Still very good/expensive but down slightly from this July's $915,000 average.
There were 34 rental property sales and 11 of those were for condo apartments.
Financing is still very attractive, although 5 year mortgage loans are up about 30 basis points to 3.29%.
We expect the fall market to continue to be strong.
The time to sell took 34 days which is up slightly from last years 29 days & this July's 28 days.
The average price for a detached 2-storey home sale was $904,000. Still very good/expensive but down slightly from this July's $915,000 average.
There were 34 rental property sales and 11 of those were for condo apartments.
Financing is still very attractive, although 5 year mortgage loans are up about 30 basis points to 3.29%.
We expect the fall market to continue to be strong.
Saturday, August 3, 2013
July 2013
Sales volumes were 25% below July 2012 levels while prices were up approximately 15% year over year. This July the average sale price for a detached 2-storey home was $925,000 and there were 76 sales. The sales volume for all types of housing for the month was 186. That is considerably lower than this June 2013 302 sales. That's over a 60% sales volume drop.
The time to sell took just over a month with 32 days as the average time to sell. In July 2012 it took almost 2 months to sell properties.
28 of the 186 property sales were for high end properties which went for $1,000,000 or more.
The rental market was active with 87 properties rented.
The time to sell took just over a month with 32 days as the average time to sell. In July 2012 it took almost 2 months to sell properties.
28 of the 186 property sales were for high end properties which went for $1,000,000 or more.
The rental market was active with 87 properties rented.
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