THE REAL ESTATE MARKET HAS TURNED - WHAT DOES THIS MEAN?
- 259 Sales for May. It would appear that the summer slowdown has started. Given the crazy market of the last 2 years plus the recent increase in interest rates, this is not surprising. Overall, the market is still active.
- Months of Inventory (MOI) is 2.0. At current selling rates, May had enough homes to sale to satisfy the market for 2 months, up from April's 1.8 MOI and March's 0.9 MOI. We haven't seen a MOI this high since June of 2020. This is good news for buyers.
- Average Days on Market (DOM) is 15, this indicates that homes in Oakville tend to still be selling quickly although taking a little longer than in recent months..
- Average Sale Price is $1.5M, this is on par with 2021 and a decrease from recent months.
- New listings are down 7% from last month across all home types except condo townhouses and apartments. If you also take into consideration the increase of MOI & DOM, it adds support that the market is correcting and heading to a balanced position, potentially a buyers' market.
- Number of Active Listings are up 31% from last year and the highest number we've seen in Oakville since the last quarter of 2020. Buyers will have more choice when selecting a home to purchase.
- Average Sale Price to Listing Price (SP/LP) have been decreasing over the last few months and are now back to 2020 numbers. This is exciting news for buyers. Homes are staying on the market for longer, bidding wars caused by the buying frenzy seem to be fizzling out.
- It would seem the frantic home buying spree we experienced in late 2020 and all of 2021 is coming to an end - good news for buyers. Houses are selling, the timing is just getting back to a more normal pace.
- 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, no matter what it is, so call our team, the Ross Bridges Real Estate Team at 905.220.1848 now or send us an email to firstname.lastname@example.org now to connect with a professional REALTOR®.
ROSS BRIDGES REAL ESTATE TEAM - HELPING YOU FIND YOUR WAY HOME!
Check out the Burlington May Market Update to see how numbers compare to Oakville.
Read the Oakville Market Stats for April 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.