The average sale price for a detached 2-storey home was $1374000 and it took 39 days on average to sell a home during this quarter. That is the lowest 4th quarter average selling price over the last 2 years when they sold for $1646000 and $1476000 in 2018 & 2017, respectively. Those average days on market were 37 and 30.
Condo apartment average selling price was $520514 which is down from last year's $535000 and up from 2017's $492000. Similarly detached bungalows sold for $989571 down from $1018000 and $1268000 when compared to 2018 and 2017.
Sales volumes improve to 376 this quarter from last years 248, for all types of housing, but are still down from 2017's 549 sales.
The rental market has show some strength with 432 properties rented compared to 2018's 260.
Here's hoping the economy for 2020 will experience positive price growth with the continued low interest rate environment, a brand new decade to look forward to and the expected settling down of the political and economic policy.
Wednesday, January 1, 2020
Wednesday, October 16, 2019
3rd Quarter 2019
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.
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.
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.
Sunday, October 7, 2018
3rd Quarter 2018
We are now in a Buyer's market. The number of homes available for sale compared to last year is up 43% to 636. 76 of those are condo apartment listings. Many Seller's are having to reduce their asking prices to achieve a sale. In concert with that, it is taking longer to sell homes and apartments as well as to lease them. Also many homes and condo's are experiencing light showing traffic and the rental market is also quiet.
We saw a spike in detached 2-storey home sales volume by 25% along with the average selling price increasing to $1,505,000 u p 8% over the third quarter of 2017 and 6% over August 2018. Bungalows didn't fair as well with their average selling price dropping 20% to $912,000. Volumes stayed the same at 20 sales. This price drop is mainly due to builders focusing on smaller/cheaper lots in West Oakville as there are less of them available in Southeast Oakville. Similarly, condo apartment average selling price dropped 13% to $550,000. Their volumes however almost doubled to 63 sales from 33 in 2017. That's quite a jump and is expected as more and more seniors downsize and look for alternative housing.
Financing is still attractive but heading in the wrong direction especially for first time buyers. Interest rates are expected to rise again this month.
Last year 266 homes and condo's sold for more than $1,000,000. This year only 122 have changed hands. Surprisingly, we have seen a 23% increase in sales volume activity for the ultra luxury market sector, homes selling above $3,000,000.
We saw a spike in detached 2-storey home sales volume by 25% along with the average selling price increasing to $1,505,000 u p 8% over the third quarter of 2017 and 6% over August 2018. Bungalows didn't fair as well with their average selling price dropping 20% to $912,000. Volumes stayed the same at 20 sales. This price drop is mainly due to builders focusing on smaller/cheaper lots in West Oakville as there are less of them available in Southeast Oakville. Similarly, condo apartment average selling price dropped 13% to $550,000. Their volumes however almost doubled to 63 sales from 33 in 2017. That's quite a jump and is expected as more and more seniors downsize and look for alternative housing.
Financing is still attractive but heading in the wrong direction especially for first time buyers. Interest rates are expected to rise again this month.
Last year 266 homes and condo's sold for more than $1,000,000. This year only 122 have changed hands. Surprisingly, we have seen a 23% increase in sales volume activity for the ultra luxury market sector, homes selling above $3,000,000.
Monday, September 3, 2018
August 2018
The detached 2-storey average was $1,423,000 up approximately 10% over this year's second quarter. The downside was sales volumes continue to be extremely low. Most homeowners contemplating a move are sitting on the sidelines.
Surprisingly luxury homes fared pretty well during the month with 13 sales greater than $2,000,000 changing hands in a rather quick 45 days on the market. That's impressive! So good to know that buyers are out there.
We will learn more about the direction of the market when I compare the third quarter with last years numbers in early October. Stay tuned.
Surprisingly luxury homes fared pretty well during the month with 13 sales greater than $2,000,000 changing hands in a rather quick 45 days on the market. That's impressive! So good to know that buyers are out there.
We will learn more about the direction of the market when I compare the third quarter with last years numbers in early October. Stay tuned.
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