June Market Update

by Michael Englund

The month of May finally saw some added activity from the seller side of the market with 565 new listings in Oakville which is the first time since June of last year that we have had over 500 new listings. The new listings were a welcomed sight for hungry buyers. We sold 327 properties in May 23 as compared to 259 in May 22 which is a 26% increase in sales activity thanks to the added inventory. We can also credit the added inventory with a slight decline in average sales price down to $1,554,259 in May 23 compared to $1,580,000 in April 23. The extra inventory took our months of inventory from 1.4 to 2.4 rather quickly, but is still a solid seller's market. Our average price of $1,554,259 is up almost 4% from last May in 22.

This week we also saw the Bank of Canada salt in another 0.25% to top their rate up to 4.75%. This most recent rate hike will likely spur current buyers who have pre-approvals in hand at lower rates to find the best available property in the shortest amount of time.