September 2021 Market Intelligence

In the graphs below MOI means months of inventory which is how we define supply in the real estate business. As MOI stays low, the average price stays high. What’s interesting to note is that MOI and Average Sales Price has changed very little while Sales Volume has dropped dramatically. Normally when volume drops like that we see MOI rise significantly and Average Sales Price drops along with the Sales Volume, but what’s happening in this market is that supply (sellers) has dropped at a very similar rate to demand (Sales volume) keeping the sales prices high.

The Oakville real estate market saw a 5% price increase in August compared to July 2021 even with a 14% decrease in sales volume. The supply levels actually decreased to 0.7 months from 0.8 months of supply bringing prices back up to near March levels. Comparing these numbers to 12 months ago we sold 31% less this year, we had more than twice as much inventory last year (1.6 months) than we have this year and prices are up 16% from last year at the same time. The mind-blowing stat that few people ever talk about about is how we are doing compared to 2 years ago. Ready for this? Prices are up 44%from August 2019. The months of inventory in August of 2019 was 2.9 months which we consider to be a balanced market.

What do houses cost in Oakville’s different neighbourhoods?

In Burlington we sold 245 units which is down from a month ago by 18 units or 7%, but the average price is about the same at %1,049,555. Months of inventory has actually dropped a bit from 0.7 months to 0.6 months, so even though we had less buyers buying, we also had less sellers selling, which is why the price is virtually unchanged.

In Milton the sales volume decreased by 13% from the previous month and the average price increased back up to May levels at $1,061,719 or by 4% from the month before. Months of inventory are down to 0.3 which is incredibly low. As you can see, it is now more expensive to buy in Milton than in Burlington (although still comparable).