Bronte Creek Real Estate Market Report, Mid-Year 2015

Bronte Creek Real Estate Market Update
Bronte Creek Real Estate Market Report, Mid-Year 2015

About the Author

Mike Belobradic

Mike Belobradic

Mike Belobradic is an Oakville Real Estate Advisor with Johnston & Daniel Oakville. Prior to his career in real estate, Mike headed up the BMO High-Net-Worth Wealth Management Group and had a successful career as a marketing and digital strategy executive. Born and raised in Toronto, Mike moved to Oakville in 1997 and lives here with his wife and daughter.

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The Oakville community of Bronte Creek is located in the northwest section of the Town of Oakville. Housing options in Bronte Creek include primarily well-appointed detached homes and townhomes in the westernmost half of the area, and moderately more affordable detached homes and townhomes on the eastern side of Bronte Creek.

The Bronte Creek real estate market experienced more ups and downs throughout the first half of 2015 than most other communities in Oakville. Here are some key statistics for the Bronte Creek Real Estate market for the first six months of 2015.
Bronte Creek Real Estate: Active Listings and Homes Sold

Bronte Creek Homes Available versus Homes Sold

When looking at Active Listings and Homes Sold in the chart above, there is one key statistic that REALTORS® use as an indicator for what is happening within the real estate market. This is known as “Absorption Rate” or “Months of Inventory.” (Some people show Absorption Rate as a percentage, but I find that to be more confusing than Months of Inventory.)

Months of Inventory Defined

In simple terms, Months of Inventory (number of active listings divided by number of homes sold) tells us how quickly the overall inventory of homes is selling. The lower the number of months, the faster that homes would “sell out” if no new homes came on the market.

Why is MOI Data Important?

Months of Inventory (MOI) is an important real estate formula because it can help us to understand the market and how to position a home for sale within that marketplace. For example, we know that in an environment of low MOI (anything below four months), sales are moving quickly so it may be an opportunity to price your home more aggressively (but not at an unreasonable level–we still want it to sell). On the other hand, when MOI numbers are higher (above 6 months), anyone who needs to sell a home quickly would be wise to price their property more favourably. Pricing the home in line with the lower end of recent home sale prices in a Buyer’s Market will increase the likelihood of a faster sale in that environment.

Anything under 4 Months = Seller’s Market
From 4 – 6 Months = Balanced Market
Anything over 6 Months = Buyer’s Market

Bronte Creek Real Estate – Months of Inventory, January through June 2015

  • January: 2.8 months (Seller’s Market)
  • February: 7.2 months (Buyer’s Market)
  • March: 3.9 months (Seller’s Market)
  • April: 1.9 months (Seller’s Market)
  • May: 3.8 months (Seller’s Market)
  • June: 3.9 months (Seller’s Market)

Despite shifting into a Buyer’s Market for one month in February of 2015, Bronte Creek was primarily a Seller’s Market for the first half of the year (although not as strong in this regard as many other communities in Oakville).

How Quickly Were Homes Selling in Bronte Creek?

Days on Market (DOM) is a measure of how long it took, on average, for a home to sell. Generally speaking, if a home sells in less than 30 days it would be considered a respectable time frame.

Bronte Creek Real Estate, Days on Market

Bronte Creek was up and down in terms of Days on Market when compared to the average for the Town of Oakville. There were three months where homes took longer-than-average to sell and three months where homes did better than the Oakville average (see above).

Average List Price and Average Sale Price of Bronte Creek Homes 

Bronte Creek homes, Avg List Price vs Avg Sale Price

Charts like the one above indicate the presence of generally a Seller’s Market. The average list price of homes in Bronte Creek was very close to the average sale price of homes throughout the first six months of the year (with a slight aberration in the month of January). Even when homes were taking longer to sell in the Bronte Creek Buyer’s Market of February 2015, the ultimate sale price held strong in relation to list price (and, in fact, detached homes sold over asking, on average, in that month).

Here are the raw figures for average list price and average sale price for Bronte Creek homes in 2015.

All Homes in Bronte Creek

Month – Average List Price – Average Sale Price

  • Jan    $914,087    $751,556
  • Feb    $878,594    $838,800
  • Mar    $846,989    $813,846
  • Apr    $835,884    $738,407
  • May    $897,156    $831,150
  • Jun    $846,851    $813,417


Detached Homes in Bronte Creek

Month – Average List Price – Average Sale Price

  • Jan    $1,039,813    $774,800
  • Feb    $1,097,450    $1,270,000
  • Mar    $947,505    $968,250
  • Apr    $1,033,360    $938,932
  • May    $1,090,961    $880,543
  • Jun    $1,010,350    $856,250

 

The average sale price of a detached home in Bronte Creek was primarily in the mid-$800,000s to the mid-$900,000s the first six months of 2015.

There were a total of 102 homes sold in Bronte Creek in the first half of 2015.

The highest sale price for a home in Bronte Creek for the first half of 2015 was $1.41-million (there were two sales at this price).

 

 

 

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