A BALANCED REAL ESTATE MARKET MEANS A MORE EVEN PLAYING FIELD!
- 227 Sales for June. June sales are reflective of a more usual real estate market, not like the heightened buying frenzy of the last 2 years. Increasing interest rates have also contributed to the drop. However, it is still an active market.
- Months of Inventory (MOI) is 2.5. At current selling rates, June's inventory was estimated to meet demand for about 2.5 months. Yet another indicator of a balanced market - giving buyers a little breathing room..
- Average Days on Market (DOM) is 17, Oakville homes tend to be selling in 2 to 3 weeks, just a little longer than in recent months..
- Average Sale Price is $1.4M, this is on par with 2021 and a slight decrease from May's average.
- New listings are down 8% from last month's number. While condo townhouses are slightly higher, there is only a 4% spread between home types. Condo townhomes and semi-detached homes are selling marginally faster than other home types.
- Number of Active Listings are up 56% from last year. this gives buyers more choice when selecting a home to purchase.
- Average Sale Price to Listing Price (SP/LP) is 97% across all home types - this again indicates a more balanced market compared to the above average prices prevalent through 2021.
- Sellers are still receiving good value for their homes while buyers are welcoming a little less urgency to make a quick and firm offer. A balanced market also allows sellers to buy in the same market they are selling in - it is a much more even playing field.
- However, it should be noted that there may always be a few exceptions to this trend. A real estate professional will help you navigate the current housing market, and make a plan, so call our team, 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!
Check out the Burlington June Market Update to see how numbers compare to Oakville.
Read the Oakville Market Stats for May 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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