March 2018 Market Intelligence

The Winners and Losers are:

We sold 277 properties in the Oakville real estate market in March compared to 224 in February which is a 23% increase in volume. The average price however is down by 1% to $1,018,458. So how did that happen?? We did not sell a single property over $2m in March as compared to 16 of them in February and that has a big impact on average price. This doesn’t necessarily mean that your house is worth 1% less now than it was in February. Each neighbourhood and price range have their own distinct micro-market that operates within the greater Oakville market and they have their own supply and demand numbers that effect price and time on the market. Please get in touch with me if you are curious about property values.

I’ve said this before, and I’ll say it again, supply and demand rule all. Months of inventory tells the story of supply and demand and is the real indicator to where prices are heading in the short term.

Bronte East has 73 freehold properties available compared to 19 that have sold in the last 30 days. I hate to state the obvious but what it tells me is that 73 people want to sell, and only 19 people want to buy in Bronte East at the moment. That’s still only 3.8 month’s supply which is considered quite balanced. Anything over 6 month’s supply is considered a buyer’s market. Most of the Oakville real estate market is a balanced market at the moment, but let’s take a closer look at the seller’s markets and the buyer’s markets in Oakville right now: Glen Abbey at 1.7 month’s supply is certainly enjoying a seller’s market at the moment as well as Iroquois Ridge South (a.k.a. Falgarwood) at 1.5 month’s supply and even Palermo West (aka Bronte Creek) at 1.8 month’s supply.

Let’s take a look now at what neighbourhoods in the Oakville real estate market that are ripe for some lowball offers: #1 is Old Oakville at 11.2 month’s supply and #2 is Rural Oakville (Rural Oakville is mostly made up of all the new developments north of Dundas St) at 6.2 month’s supply.

If you would like to chat about the Oakville real estate market, call or email me anytime at 905-399-4269 or michaele@remax.net