Oakville's hot market continues!
The average price of a detached home in Oakville is up year over year by 3.5% to $645,000. We saw extraordinary sales volumes with 300 sales during the month of August compared to 210 last year. A 43% increase. The average time on the market is 38 days for all types of housing including condo apartments. However, homes over $500,000 take on average 52 days to sell while homes over $1,000,000 take 68 days to sell.
Condo apartment average sales price jumped 21% year over year for August to $330,000 from $273,000. In addition, condo apartment rentals almost doubled going from 16 to 30.
There were 89 properties rented this August compared to 70 in 2008.
Borrowing costs remain very attractive with 5 year money running at 3.93% and variable rate mortgage money offered at 2.45%.
A number of move up buyers as well as "downsizers" are sitting on the sidelines waiting for the right property to come along. And many are waiting to see how the real estate market will unfold going forward. We shall see.
Thursday, September 3, 2009
Monday, August 3, 2009
Sales relatively strong and continue
No doubt this has been an interesting year. The first quarter saw sales volumes plummet 55% for all types of homes year over year. But May and June were terrific months and our second quarter sales volumes improved year over year by 5.5%. That just left us trailing 2008 detached home sales volumes by 8% for the first 6 months of the year. And the positive trend continues.
Looking at July numbers our average sales price for a detached home in Oakville is $660,000 compared to $633,000 for July '08. A 4.20% increase. July 2009 sales volumes increased 25% over the same period last year. The number of days on the market remains the same at approximately 42 days.
Looking at all types of housing we find that for the first 7 months our sales volumes are off only 3.5% with 1263 sales in the first 7 months of 2008 compared to 1221 sales this year.
No surprise that mortgage rates are remaining stable . 5 year money can be had for 4.29% and variable at 2.60%.
The upper end market saw 14 detached home sales this July compared to 10 in 2008. One non lakefront new construction home on a one acre lot sold for $7,000,000.
Looking at July numbers our average sales price for a detached home in Oakville is $660,000 compared to $633,000 for July '08. A 4.20% increase. July 2009 sales volumes increased 25% over the same period last year. The number of days on the market remains the same at approximately 42 days.
Looking at all types of housing we find that for the first 7 months our sales volumes are off only 3.5% with 1263 sales in the first 7 months of 2008 compared to 1221 sales this year.
No surprise that mortgage rates are remaining stable . 5 year money can be had for 4.29% and variable at 2.60%.
The upper end market saw 14 detached home sales this July compared to 10 in 2008. One non lakefront new construction home on a one acre lot sold for $7,000,000.
Thursday, July 2, 2009
The Selling Frenzy Continues
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.
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.
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.
Subscribe to:
Posts (Atom)