OAKVILLE'S AVERAGE SALE PRICE WAS UP!
- Geographical closeness of towns or neighbourhoods does not necessarily dictate similar markets. There can be significant differences in different pockets, we would be happy to discuss your area's market with you.
- Oakville's average sale price was up 4% from July and up 7% from 2021. This is positive news for homeowners and those thinking of selling.
- While the number of houses for sale in August is down 30% from 2021's crazy market numbers, it is up 3% from July perhaps indicating an early start to a more active fall market. Time will tell.
- Houses are selling taking an average of 28 days to sell. This indicates a more balanced market, good for sellers as homes are still selling and good for buyers who can take a little more time drafting their offers.
- The average Selling Price over Listing Price across all home types is 95% for Oakville. While down slightly from July, this represents a solid balanced market.
- Condo Townhouses are selling for a slightly higher percentage (98%) of the asking price. While selling on average 11 days slower than Freehold Townhouses, they are also priced over $200K lower. This may be explained by the available MOI* for the condos being 2.8 months as opposed to the 1.5 months of freehold inventory.
- Condo Apartments have the highest Months of Inventory (4 months) - lots of choice for buyers, the Burlington Condo Apartment inventory is not far behind at 3.8 months.
- The falling average sale prices for 2022 are due to the change in the overall market (no more bidding wars) however, the average house sale prices in Oakville are still producing an upward trend over the years.
- There has been another drop in the number of new listings this month. However, new listings were up 8% from August 2021.
- Please remember that these numbers represent averages across all of Oakville's neighbourhoods and housing types, the numbers for your neighbourhood could be quite different. Whether you are buying or selling, we add value by advising you on the market in your neighbourhood.
- Call us, the Ross Bridges Real Estate Team at 905.220.1848 now or send us an email to [email protected] now to connect with a professional REALTOR®.
ROSS BRIDGES REAL ESTATE TEAM - HELPING YOU FIND YOUR WAY HOME!
Our Team prides ourselves on sharing our real estate knowledge with our clients through initiatives such as our Free Buyer Guide and Ross' podcast, Rambling REALTORS® for discussions on all things Real Estate, including trends and statistics!
Check out the Burlington August Market Update to see how numbers compare to Oakville.
Read the Oakville Market Stats for July 2022, to see the difference a month can make.
Call us now! Or schedule a phone or Zoom consultation with Ross Bridges, REALTOR® - Helping you find your way home.
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