The average price for a detached 2-storey home this February was $951,000 and took on average 30 days to sell. A year ago homes sold approximatley 3 days faster but the average price was less by 7.5% or, $886,000.
There were 202 sales during the month for all types of housing, condo apts, THs, semi's... and 87 of those were for detached 2-storey homes. That's down from a year ago when there were 275 sales. A sales volume drop of approximately 36%. And that's significant!
There were 21 sales above $1,000,000, not bad fo a short month.
The rental market continued to move along nicely with almost 2 rentals a day with 55 rental sales.
Financing also continues to be very attractive with 5 year mortgage money being offered as low as 2.94% and variable money offered at 2.65%. Hard to beat.
Friday, March 1, 2013
Monday, February 4, 2013
January 2013
Not a bad start to the new year. The avarage price of a detached 2 storey home was $886,000 up 8.5% from a year ago. However, sales volumes were down almost 10%.
There were 21 sales above a million dollars, 50% more than last January. So the high end market is continuing to roll along.
The average price for a detached bungalow was almost $650,000 ($648,192) while the average sale price for a condo apartment was $under $300,000 ($286,308).
The rental market was active with 68 rental sales 14 of which were for condo apartment rentals.
Financing remains attractive with 5 year money being offered at 2.99% fixed & 2.65% variable.
At a recent company meeting with our executives the forecast for 2013 is for prices to flatline and volumes to drop approximately 5% from 2012 levels. Not bad considering the global economy.
Not a bad start to the new year. The avarage price of a detached 2 storey home was $886,000 up 8.5% from a year ago. However, sales volumes were down almost 10%.
There were 21 sales above a million dollars, 50% more than last January. So the high end market is continuing to roll along.
The average price for a detached bungalow was almost $650,000 ($648,192) while the average sale price for a condo apartment was $under $300,000 ($286,308).
The rental market was active with 68 rental sales 14 of which were for condo apartment rentals.
Financing remains attractive with 5 year money being offered at 2.99% fixed & 2.65% variable.
At a recent company meeting with our executives the forecast for 2013 is for prices to flatline and volumes to drop approximately 5% from 2012 levels. Not bad considering the global economy.
Wednesday, January 2, 2013
December 2012
The year ended on a satisfactory note although sales volumes were down significantly, 50% compared to December 2011 numbers. 101 sales versus 151 sales in December 2011.
The number of ultra high end property sales continued to impress. The last quarter of 2012 saw 23 properties sell above $1,500,000 compared to 16 for the corresponding period a year earlier. December 2012 had 10 sales above $1,000,000 with 3 of those above $1,500,000.
The average price for a detached 2-storey home in December was $784,000, that's still above three quarters of a million dollars making Oakville one of the GTA's most expensive areas to live.
The average time to sell (all types of housing) took a reasonable 37 days.
There were 38 properties rented during the month and 9 of those were for condo apartments. They ranged in price from $1,300 to $5,400/mth.
Financing as you hear and read in the news is remaining very attractive which should help kick start this year's sales!
The year ended on a satisfactory note although sales volumes were down significantly, 50% compared to December 2011 numbers. 101 sales versus 151 sales in December 2011.
The number of ultra high end property sales continued to impress. The last quarter of 2012 saw 23 properties sell above $1,500,000 compared to 16 for the corresponding period a year earlier. December 2012 had 10 sales above $1,000,000 with 3 of those above $1,500,000.
The average price for a detached 2-storey home in December was $784,000, that's still above three quarters of a million dollars making Oakville one of the GTA's most expensive areas to live.
The average time to sell (all types of housing) took a reasonable 37 days.
There were 38 properties rented during the month and 9 of those were for condo apartments. They ranged in price from $1,300 to $5,400/mth.
Financing as you hear and read in the news is remaining very attractive which should help kick start this year's sales!
Sunday, December 2, 2012
November 2012
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.
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.
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.
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