Although sales volumes were off 28% year over year for November prices continue to hold with the average detached 2-storey home selling for $803,000. Had I left in one sale that sold for over $9,000,000 the average price would have been $927,000, which is more in line with October '2012's $948,500.
The ultra luxury home market segment has performed very well this year and continues to impress with 27% more sales this year than during the first 10 months of 2011. There have been 336 homes/apts sell above $1,500,000 with 65 of those greater than $2,000,000 and 16 greater than $3,000,000.
We have been fortunate to see these numbers given the difficult global economy.
Financing remains low and looks like it will stay that way well into 2013. Home price growth however, has exceeded salary growth and it wouldn't take much of an increase in mortgage rates to force many of the highly levered owners to have to sell, and that may lead to a moderate correction in prices.
Sunday, December 2, 2012
Thursday, November 1, 2012
October 2012
There has been a noticeable slowdown in the market recently and the year over year numbers support that with 10% fewer sales this October over last with 239 sales. The average time on the market took about a week longer at 35 days.
The average price for a detached 2 storey home was $948,500 with 33 properties selling for more than $1,000,000, most of those were for 2 storey homes.
We had 70 rental transactions during the month of which 16 were for condo apartments.
Financing remains attractive at justy above 3% for 5 year mortgage loans and in the 2.60% range for variable rate mortgage loans.
There has been a noticeable slowdown in the market recently and the year over year numbers support that with 10% fewer sales this October over last with 239 sales. The average time on the market took about a week longer at 35 days.
The average price for a detached 2 storey home was $948,500 with 33 properties selling for more than $1,000,000, most of those were for 2 storey homes.
We had 70 rental transactions during the month of which 16 were for condo apartments.
Financing remains attractive at justy above 3% for 5 year mortgage loans and in the 2.60% range for variable rate mortgage loans.
Wednesday, October 3, 2012
September 2012
The average price for a detached 2-storey home was up 12% to $874,000 over September 2011. This amount is down somewhat from last month (August 2012) but still remains historically high. August 2012 had more/32 properties sell above $1 million dollars or, about 30% more, which has led to the month to month drop in average price.
Million dollar property sales volumes were up almost 40% with 25 sales compared to 18 a year ago. They range in price from as low as $1,010,000 to just under $3 million dollars. Most of those (21)were for detached 2-storey home sales. One of those 25 sales was for a centrally located condo apartment and 3 were for centrally located Freehold THs.
The time to sell homes and apartments took on average a little less than a month or, 29 days.
Financing remains attractive with 5 year mortgage money available as low as 3.09% and one, three and five year variable money is available at 2.60%.
The rental market remained very active with 79 leases during the month ranging in price from $1,000 to $8,000 a month. 19 of those were for condo apartments which leased between $1,200 and $2,550 a month. At the moment, the rental market is hotter than the resale market.
Million dollar property sales volumes were up almost 40% with 25 sales compared to 18 a year ago. They range in price from as low as $1,010,000 to just under $3 million dollars. Most of those (21)were for detached 2-storey home sales. One of those 25 sales was for a centrally located condo apartment and 3 were for centrally located Freehold THs.
The time to sell homes and apartments took on average a little less than a month or, 29 days.
Financing remains attractive with 5 year mortgage money available as low as 3.09% and one, three and five year variable money is available at 2.60%.
The rental market remained very active with 79 leases during the month ranging in price from $1,000 to $8,000 a month. 19 of those were for condo apartments which leased between $1,200 and $2,550 a month. At the moment, the rental market is hotter than the resale market.
Wednesday, September 5, 2012
August 2012
August has turned out to be a good month. The average price of a 2 storey home was the highest ever at $942,000. In fact it would have been just above a million dollars were you to include a central Oakville lakefront sale which sold for approximately $8,000,000.
There were 233 sales and it took on average a relatively quick 33 days to sell.
32 homes sold above $1,000,000.
The rental market is also very active with 118 properties rented 23 of which were for condo apartments.
The fall market is upon us and is usually very active. Alot of homeowners like to put their homes on the market at this time to take advantage of Oakville's abundance of trees and natually stunning fall foliage.
Financing remains very attractive with no increase in the prime lending rate.
There were 233 sales and it took on average a relatively quick 33 days to sell.
32 homes sold above $1,000,000.
The rental market is also very active with 118 properties rented 23 of which were for condo apartments.
The fall market is upon us and is usually very active. Alot of homeowners like to put their homes on the market at this time to take advantage of Oakville's abundance of trees and natually stunning fall foliage.
Financing remains very attractive with no increase in the prime lending rate.
Wednesday, August 1, 2012
July 2012 - sales slowing down!
There were 234 sales in July a drop of more than 20% from this June and almost 35 % less than a year ago. Prices are about the same as a year ago with the average 2 storey home selling for about $800,000 and this July's average was $803,000. That's down from June 2012's $840,000 average.
In concert with that news is the time it is taking to sell is about twice as long with the average days on market at 57 days. As a result we are seeing many price reductions and home owners are becoming more comcerned about getting their homes sold.
The rental market is relatively hot by comparison. There were 89 rental transactions during the month 1 in 4 of which were for condo apartments.
Although the Feds have recently teightened mortgage rates financing is becoming cheaper. You can get 5 year money for about 3.09% & 5 year variable at 2.80%.
The global economy remains very unstable and the economic data out of Europe is not positive. Spain & Greece have unimployment rates of 24% & 22%, respectively while France & Italy have double digit unimployment rates. The road ahead looks rough.
There were 234 sales in July a drop of more than 20% from this June and almost 35 % less than a year ago. Prices are about the same as a year ago with the average 2 storey home selling for about $800,000 and this July's average was $803,000. That's down from June 2012's $840,000 average.
In concert with that news is the time it is taking to sell is about twice as long with the average days on market at 57 days. As a result we are seeing many price reductions and home owners are becoming more comcerned about getting their homes sold.
The rental market is relatively hot by comparison. There were 89 rental transactions during the month 1 in 4 of which were for condo apartments.
Although the Feds have recently teightened mortgage rates financing is becoming cheaper. You can get 5 year money for about 3.09% & 5 year variable at 2.80%.
The global economy remains very unstable and the economic data out of Europe is not positive. Spain & Greece have unimployment rates of 24% & 22%, respectively while France & Italy have double digit unimployment rates. The road ahead looks rough.
Monday, July 2, 2012
The torrid pace has mellowed
There were 310 sales in June with 37 above a million dollars. This represents a 14% sales volume decline from a year ago when there were 354 sales but beats the 270 sales for June 2010. So not bad. Also prices were up year over year. The average sale price for a detached 2 storey home was $840,000 compared to $769,000 in June 2011. The $840,000 is actually $910,000 if you include the 1 acre custom estate home sale w/infinity pool which sold for $10,500,000.
The average price for all types of housing was $695,000. The cheapest 2-storey home was $440,000. It took 30 days to sell on average, almost a week longer than a year ago.
There were 85 rental sales. 20 of those were for condo apartments which rented between $1,200 & $2,600/mth.
Borrowing costs remain low and are forecasted to stay low through to the first quarter of 2013. So we should have a strong fall market as long as the global financial leaders continue to find solutions for those countries in need.
The average price for all types of housing was $695,000. The cheapest 2-storey home was $440,000. It took 30 days to sell on average, almost a week longer than a year ago.
There were 85 rental sales. 20 of those were for condo apartments which rented between $1,200 & $2,600/mth.
Borrowing costs remain low and are forecasted to stay low through to the first quarter of 2013. So we should have a strong fall market as long as the global financial leaders continue to find solutions for those countries in need.
Friday, June 1, 2012
The torrid pace continues
There were 402 sales in May. 192 of those were for detached 2 storey homes. The average selling price for a 2 storey home was $897,000. That was consistent with the prior 2 months but way above
May 2011's $794,000 average selling price. A 13% increase!
50 homes sold above one million dollars. The average time on the market for all types of housing was 27 days.
91 rental properties rented. 19 0f those were for condo apts which all rented in the $1200-$2,000/mth range.
Borrowing costs virtually remained unchanged with the best 5 year mortgage money offered as low as 3.19% & 3 & 5 year variable money offered at 2.90%.
There were 402 sales in May. 192 of those were for detached 2 storey homes. The average selling price for a 2 storey home was $897,000. That was consistent with the prior 2 months but way above
May 2011's $794,000 average selling price. A 13% increase!
50 homes sold above one million dollars. The average time on the market for all types of housing was 27 days.
91 rental properties rented. 19 0f those were for condo apts which all rented in the $1200-$2,000/mth range.
Borrowing costs virtually remained unchanged with the best 5 year mortgage money offered as low as 3.19% & 3 & 5 year variable money offered at 2.90%.
Tuesday, May 1, 2012
The hot market continues in April
There were 395 sales in April up 11% over the last 2 months and 25% over April 2011.
The average price for a 2 storey home was $908,000 an increase of 7% in the last 30 days scewed slightly upwards by a couple of $5,000,000 sales. 52 homes sold above the one million dollar mark almost double february & March's activity. 9 of those were in Old Oakville but interestingly there were no sales between $1,625,000 & $2,500,000. 4 sold between $1,135,000 & $1,625,000 & 5 above $2,500,000.
It is still a seller's market for properties listed at $1.3 million or below & a buyer's market for higher priced properties. We have seen some significant price reductions for the ultra luxury market segment, generally those price above $2,000,000.
The time to sell took on average 24 days.
5 year financing can be had at 3.29% or perhaps a little better if all you bank business is at one institution. 5 year variable is 2.90%.
There were 395 sales in April up 11% over the last 2 months and 25% over April 2011.
The average price for a 2 storey home was $908,000 an increase of 7% in the last 30 days scewed slightly upwards by a couple of $5,000,000 sales. 52 homes sold above the one million dollar mark almost double february & March's activity. 9 of those were in Old Oakville but interestingly there were no sales between $1,625,000 & $2,500,000. 4 sold between $1,135,000 & $1,625,000 & 5 above $2,500,000.
It is still a seller's market for properties listed at $1.3 million or below & a buyer's market for higher priced properties. We have seen some significant price reductions for the ultra luxury market segment, generally those price above $2,000,000.
The time to sell took on average 24 days.
5 year financing can be had at 3.29% or perhaps a little better if all you bank business is at one institution. 5 year variable is 2.90%.
Monday, April 2, 2012
The sizzling market continues
I can't remember when the market has been busier and this is my 15th year in the business. Another month of brisk activity with properties selling in 3 weeks. Many in less than 2 weeks and many above the asking price.
The average price for a detached 2-storey home was $844,000. Last month that average was $878,000 and a year ago it was $707,000.
27 homes sold above one million. The highest was for a Southeast lakefront estate which went for $5,300,000 as land value!
62 homes and apartments rented during the month between $1,000 & $5,600/mth. 18 of those were for apartments which rented between $1245 & $1875/mth.
5 year closed money can be had at 3.29% and 2.90% if it is a variable rate.
The average price for a detached 2-storey home was $844,000. Last month that average was $878,000 and a year ago it was $707,000.
27 homes sold above one million. The highest was for a Southeast lakefront estate which went for $5,300,000 as land value!
62 homes and apartments rented during the month between $1,000 & $5,600/mth. 18 of those were for apartments which rented between $1245 & $1875/mth.
5 year closed money can be had at 3.29% and 2.90% if it is a variable rate.
Saturday, March 3, 2012
"HOT" February 2012
Great to see the the luxury market with decent sales volumes. There were 32 sales above $1,000,000. 8 of those sold between $1.5 & $2MM and 9 homes sold above $2,000,000.
That's up from 13 sales above a million in total for this January and 25 sales a year ago February.
It took just under a month to sell all types of homes. The average was 27 days on the market. Several homes had multiple Offers.
The average price of a 2 storey home this February was $878,000, an 8% increase over February '2011.
There were 275 sales during the month up from 152 in January & 238 a year ago. A significant improvement.
Rental sales were off slightly with 46 transactions. The cheapest was a $1200/mth for a small condo apt and the most expensive was for a large detached home in Southeast Oakville which went for $10,500/mth.
5 year money at the moment costs approximately 3.29% with 5 year variable money available at 2.90%.
That's up from 13 sales above a million in total for this January and 25 sales a year ago February.
It took just under a month to sell all types of homes. The average was 27 days on the market. Several homes had multiple Offers.
The average price of a 2 storey home this February was $878,000, an 8% increase over February '2011.
There were 275 sales during the month up from 152 in January & 238 a year ago. A significant improvement.
Rental sales were off slightly with 46 transactions. The cheapest was a $1200/mth for a small condo apt and the most expensive was for a large detached home in Southeast Oakville which went for $10,500/mth.
5 year money at the moment costs approximately 3.29% with 5 year variable money available at 2.90%.
Tuesday, January 3, 2012
December 2011
The upper end market is still dragging. During the last quarter of 2011 there were 16 sales above $1,500,000 with only 2 homes selling above the 2 million dollar mark. Looking at the last quarter of 2010 there were 12 homes sold above $1,900,000 and 19 sales.
The average price of a detached 2 storey home last month was $701,000. The month was fairly active with 138 sales up from Dec '2010's 124 sales. 100 of those 138 sales sold below $660,000 coupled with the soft high end market had an adverse impact on out average sale price.
There were 22 properties rented ranging in value from $1,275 to $5500/mth.
The average time to sell was 43 days.
5 year money is available at 3.39% with variable mortgage money running about 2.90%.
The average price of a detached 2 storey home last month was $701,000. The month was fairly active with 138 sales up from Dec '2010's 124 sales. 100 of those 138 sales sold below $660,000 coupled with the soft high end market had an adverse impact on out average sale price.
There were 22 properties rented ranging in value from $1,275 to $5500/mth.
The average time to sell was 43 days.
5 year money is available at 3.39% with variable mortgage money running about 2.90%.
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