November finished off with 254 sales with an average sales price of $503,000 (all types of housing). That was double the sales volume of November '08 and more than the 245 sales in November '07. The average time it took to sell was 29 days.
2-storey detached home sales average price was up 3% to $791,000 over last months numbers.
There were 27 condo apartment sales at an average price of $640,000. The highest condo apartment sale was almost $2.2 million. Condo apartments took a little longer to sell than detached homes with an average of 44 days on the market.
There were 8 condo apartment rentals during the month all leasing in the $1,200 to $1,500 range.
Mortgage money remains attractive with 5 year money hovering 4% & variable rate money can be had slightly below prime at 2.15%. Higher rates will be heading our way during the latter half of 2010 and continue with moderate increases in 2011. Sellers will also be face with added costs when the HST takes effect on July 1, 2010.
Tuesday, December 1, 2009
Wednesday, November 4, 2009
October sales activity remains strong
Sales kept pace with September with 297 sales compared to 304. The average sales price for a detached 2 storey home was up 4% to 767,000. Twice as many homes sold above a million since last month, with 17 sales. October 2008 had 5 sales over a million. And twice as many homes sold between $500,000 and a million over October 2008 with 118 sales during the month.
44 bungalows sold in October compared to 21 sales in October 2008. Of these, 3 were bungalow lofts and 5 were raised bungalows. The average sale price was $487,000. One of the sales went just over the 2 million dollar mark and if you back that sale out, the average would be $450,000.
The rental market was also up with 71 sales versus September's 63 sales. October 2008 had 58 rental sales.
Longer term mortgage money has gone up slightly. 5 year money is now available at 4.25%. Variable rate money is 2.25%. These are still very attractive rates.
Owners planning to sell next year may want to do so early in the year to avoid paying the increase tax on real estate sales commissions (HST) that is purposed to take effect on July 1, 2010. The harmonized sales tax will be 13% up from the current 5% GST. You can avoid the extra 8% by closing on or before June 30, 2010.
Sales kept pace with September with 297 sales compared to 304. The average sales price for a detached 2 storey home was up 4% to 767,000. Twice as many homes sold above a million since last month, with 17 sales. October 2008 had 5 sales over a million. And twice as many homes sold between $500,000 and a million over October 2008 with 118 sales during the month.
44 bungalows sold in October compared to 21 sales in October 2008. Of these, 3 were bungalow lofts and 5 were raised bungalows. The average sale price was $487,000. One of the sales went just over the 2 million dollar mark and if you back that sale out, the average would be $450,000.
The rental market was also up with 71 sales versus September's 63 sales. October 2008 had 58 rental sales.
Longer term mortgage money has gone up slightly. 5 year money is now available at 4.25%. Variable rate money is 2.25%. These are still very attractive rates.
Owners planning to sell next year may want to do so early in the year to avoid paying the increase tax on real estate sales commissions (HST) that is purposed to take effect on July 1, 2010. The harmonized sales tax will be 13% up from the current 5% GST. You can avoid the extra 8% by closing on or before June 30, 2010.
Friday, October 2, 2009
The torrid pace continues
The average sales price for a two storey home during September was $736,000. Condo apartments took 40 days on average to sell or, a week less than September 2008. Sales volumes for all types of housing was up 35% with 304 sales compared to 225 a year ago. 126 of the 304 sold in 2 weeks or less.
Home sales above a million dollars took 3 weeks longer to sell than during September 2008. The average length of time on the market was 89 days however, there were almost twice as many sales, 17 versus 9.
Condo apartment sales volume for September remained about the same with 28 sales compared to 30 a year ago, but sold a week faster averaging only 40 days on the market.
Rental properties took a week longer to sell on average and the number of sales remained the same with 62 compared to 63 last year.
Similarily, borrowing costs are still extremely attractive. Prime remains at 2.25%. 5 year money can be had for as low as 3.84% and the best variable rate money is 2.35%.
We still have alot of people waiting for the right homes to come along so we may see this activity continue as long as new listings keep coming to market.
Home sales above a million dollars took 3 weeks longer to sell than during September 2008. The average length of time on the market was 89 days however, there were almost twice as many sales, 17 versus 9.
Condo apartment sales volume for September remained about the same with 28 sales compared to 30 a year ago, but sold a week faster averaging only 40 days on the market.
Rental properties took a week longer to sell on average and the number of sales remained the same with 62 compared to 63 last year.
Similarily, borrowing costs are still extremely attractive. Prime remains at 2.25%. 5 year money can be had for as low as 3.84% and the best variable rate money is 2.35%.
We still have alot of people waiting for the right homes to come along so we may see this activity continue as long as new listings keep coming to market.
Thursday, September 3, 2009
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.
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.
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.
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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