Oakville's Sale prices are still producing an upward trend!
- Despite the geographical closeness of Oakville and Burlington, there can be significant differences in their real estate markets, this can also be true of different neighbourhoods in a given community.
- Oakville's average sale price was up 6% from June and up 8% from 2021. This is positive news for home owners and those thinking of selling.
- We note that the combination of a summer market and the turn from the crazy real estate market of the last 2 years has resulted in a significant drop in the number of houses for sale in July, down 29% from June and down 50% from 2021.
- However, houses are selling in an average of 22 days. 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 in 97% for Oakville. This represents a solid balanced market.
- It appears that Townhouses (both condo and freehold) are selling for a slightly higher percentage of the asking price. However, Condo Townhouses are selling on average 8 days faster but we note the average sale price is almost $200K lower than the freeholds which may account for some of this difference.
- As in Burlington, Condo Apartments have the highest Months of Inventory - lots of choice for buyers.
- Average house sale prices in Oakville are still producing an upward trend.
- There has been a drop in the number of new listings for July but this is not unusual for a summer market. However, while less new listings than June, Oakville had a slight increase of 2% in listings over July 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!
The blog on our website offers lots of helpful information from Selling Tips and the Cost of Buying a Home.
Check out the Burlington July Market Update to see how numbers compare to Oakville.
Read the Oakville Market Stats for June 2022, to see the difference a month can make.
Check out Ross' podcast, Rambling REALTORS® for discussions on all things Real Estate, including trends and statistics!
Call us now! Or schedule a phone or Zoom consultation with Ross Bridges, REALTOR® - Helping you find your way home.
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