April 2018 Market Intelligence

This is the actionable market intelligence that you can’t find on google. Welcome back to my monthly Oakville real estate market update. For April 2018 we sold a total of 275 properties here in Oakville. 210 Freeholds, and 65 Condos. If we look at April 2017 we sold 431 properties so we dropped 36% in volume year over year, and the average sale price has dropped from $1,215,428 in 2017 to $1,021,465 in 2018 which is a 16% price decline from a year ago.

Compared to March 2018 we were almost the same losing 6 deals (from 281 to 275) which is a 2% decline in volume and in March 2018 we had an average sale price of $1,029,335 compared to $1,021,465 in April which less than one percent difference in price in the Oakville real estate market.

Going a little deeper into the numbers we will see that of the 275 deals this past month 96 of them were under $1,000,000 and got 99% of the asking price, 78 of them were between $1,000,001 and $1,500,000 and got 97% of the asking price, 28 were between $1,500,001 and $2,000,000 and got 96% of the asking price. There were 7 sold over $2m and got 98% of the asking price. So we can see that the 1.5m to 2m range has a bit more supply in relation to demand at the moment in the Oakville real estate market.

Let’s look at the neighbourhoods now to see the break down of where the inventory levels are:

Bronte East has 99 available properties but only 15 were sold last month which means that there is a 6.6 months worth of supply in Bronte East anything over 6 months is referred to as a buyer’s market, but not the entire neighbourhood would qualify for that. The biggest buying opportunity in this neighbourhood is the over $2,000,000 price range where there are 50 properties available but only 2 were sold in April.

Bronte West has a very similar situation to Bronte East in terms of toal numbers, but getting a bit more granular we come to find out that in Bronte West the big glut of inventory is in the tear down category and the somewhat renovated or updated category. This year buyers are much pickier than last year and the houses that aren’t very appealing need to priced very sharply in order to sell, but many sellers are still clinging to the idea of last years prices that all of their neighbours might have sold for.

Clearview and College Park are nicely balanced markets, good for sellers and buyers.

Eastlake is the most expensive real estate in Oakville and Old Oakville is quite similar, and not surprisingly the worst performing segments of the market and presents the best buying opportunity in Oakville right now. These total numbers still don’t tell the whole story, because inside these numbers there are quite a few micro markets, there are listings as low as $1.2m all the way up to $15m. The lower priced homes are still moving fast but the higher priced homes sit for quite a while, years sometimes.

Glen Abbey is the hottest market and no surprise as the public high school Abbey Park was just upgraded in it’s rating surpassing Oakville Trafalgar to claim the number 1 spot in Oakville and the number 2 spot in all of Ontario. Not much inventory, but lots of demand makes it a bit more difficult for buyers to get deep discounts but that will continue when those buyers turn into sellers as well.

Palermo West, River Oaks, Iroquois Ridge North, and West Oak Trails are also doing really well putting the pressure on buyers as the inventory levels are low in relation to demand and much of that has to do with the average price range being in that $1m sweet spot that is the big seller today.

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