January 2020 Market Intelligence

Here We Go Again…

In Oakville we had a large increase in sales volume and a modest increase in average sales price from a year ago. We increased in sales volume from 121 to 157 which is 29%. We increased in sale price from $1,042,084 to $1,064,227 which is just over 2%. A year ago it took an average of 44 days to sell a property in Oakville and now it takes 34 days so we are selling them 22% faster now. A year ago we had 4.6 months of available inventory (meaning it would take 4.6 months to sell every property that was on the market). Now it would only take 2.2 months which is an enormous difference in inventory and has turned from a balanced market to a clear seller’s market:

As we can see here in Burlington there was a lower sales volume in December 2019 compared to 2018 by 12%, but the price increased by 5.6% and the months of inventory decreased by 20% so clearly the supply was much lower in Dec 2019 and the demand was higher, contributing to rising prices:

Saving the absolute hottest market for last, man oh man, Milton is on FIRE!!! Sales were down from a year ago by 33% because there’s no supply, prices are up 14% because there’s no supply!! Of course months of inventory is down 60% because there’s no supply. The demand is clearly quite strong, and supply issues do not fix themselves overnight, even though it looks like builders are building everywhere in Milton, it’s still not even close to enough to balance out this market, so sellers enjoy your gains and buyers hurry up, it’s not going to get any better for you if you wait.