home prices continue to go up but is there enough inventory?
The number of new and active listing in Oakville for January 2022 were higher than December which is not unexpected now that the December holidays are over. It is not unusual to see some increase in the housing market in the new year.
January is not typically the busiest month of the year when it comes to the real estate market. However, this market will generally be more active than December. This year the number of sales is down, lower than December (-3%) and January 2021 (-38%). Given the Covid influenced real estate market we have been experiencing, the reduced number of year over year sales may not be that surprising. Perhaps this is the slow moving market correction that we suggested in our December blog. 
New listings in Oakville were up 60% from December but down 31% from last year. Active listings followed a similar trend, up 47% from last month but down 53% from 2021. The reduced new and active listings from last year supports the suggestion of a market slowing but the increase from December is indicative of the annual real estate cycle. Housing sales can vary greatly by house type and area. It is always best to contact us to discuss the area you are considering to get a better grasp on the market there.
You'll note that Semi-Detached homes in Oakville continue to have limited availability and to sell for the highest amount of above listing price. All home types in Oakville continue to sell for over the asking price. These real estate statistics tell us it is still a Seller's Market.
The increase of new listings contributed to the slight rise of the months of inventory (MOI) to 0.7. The typical uptrend in the real estate market after the New Year, helped to decrease the Days of Market from 13 to 12 in January despite the increased number of listings.
Home prices continue to go up in Oakville with Average Sale Price being $1,812,194.00 for January.
This average exceeded December's average by 17% and was a whopping 30% over the average sale price in Janaury 2021.
While the numbers of listing and sales may be less, the sales prices continue to climb. Condo apartments continue to sell for closest to the listing price and semi-detached for most over listing. Buyers and sellers can best navigate this active real estate market with the assistance of a professional REALTOR®. Our team has the knowledge, experience and resources to help you navigate the real estate market. We'll help you develop a strategic plan and be with you every step of the way to make your real estate goals a reality!
You'll note that Semi-Detached homes in Oakville continue to have limited availability and to sell for the highest amount of above listing price. All home types in Oakville continue to sell for over the asking price. These real estate statistics tell us it is still a Seller's Market.
The increase of new listings contributed to the slight rise of the months of inventory (MOI) to 0.7. The typical uptrend in the real estate market after the New Year, helped to decrease the Days of Market from 13 to 12 in January despite the increased number of listings.Home prices continue to go up in Oakville with Average Sale Price being $1,812,194.00 for January.
This average exceeded December's average by 17% and was a whopping 30% over the average sale price in Janaury 2021.
While the numbers of listing and sales may be less, the sales prices continue to climb. Condo apartments continue to sell for closest to the listing price and semi-detached for most over listing. Buyers and sellers can best navigate this active real estate market with the assistance of a professional REALTOR®. Our team has the knowledge, experience and resources to help you navigate the real estate market. We'll help you develop a strategic plan and be with you every step of the way to make your real estate goals a reality!ROSS BRIDGES REAL ESTATE TEAM - HELPING YOU FIND YOUR WAY HOME!
Check out the Burlington January Market Update to see how Burlington numbers compare to Oakville.
Read the Oakville Market in December 2021 here!
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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