Clearview Real Estate Market Report, Mid-2015

Clearview, Oakville, Real Estate Market Update
Clearview Real Estate Market Report, Mid-2015

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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 Clearview is a small and quiet neighbourhood tucked away on the east side of Oakville. Housing options in Clearview include a wide range of homes offering a location particularly ideal for commuters who work in the GTA.

The Clearview real estate market had a very strong first half of 2015, far outperforming the averages on several criteria versus other Oakville communities. Here are some key statistics for the Clearview real estate market for the first six months of 2015.

Clearview, Oakville, homes available vs homes sold

Clearview 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.

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 favorable, in line with the lower end of recent home sale prices in order to increase the likelihood of a faster sale in a Buyer’s Market.

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

Clearview Real Estate – Months of Inventory Numbers, Mid-Year 2015

  • January: 3 months (Seller’s Market)
  • February: 1.5 months (Seller’s Market)
  • March: 0 months (Seller’s Market)
  • April: 0 months (Seller’s Market)
  • May: 2 months (Sellers Market)
  • June: 1.8 months (Seller’s Market)

Clearview was in a very strong Seller’s Market over the course of the first half of 2015. As both the chart and the MOI numbers reveal, Clearview had two months where there were more sales than listings (the MOI for March and April would technically be a negative number). This is rare but can happen for a number of reasons (homes are sold before they are listed, homes are sold twice, etc.). Regardless, the MOI numbers for Clearview reflect the very short supply of homes in the area and the large number of prospective buyers who want to live there.

Clearview was in a very strong Seller’s Market over the course of the first half of 2015. As both the chart and the MOI numbers reveal, Clearview had two months where there were more sales than listings (the MOI for March and April would technically be a negative number). This is rare but can happen for a number of reasons (homes are sold before they are listed, homes are sold twice, etc.). Regardless, the MOI numbers for Clearview reflect the very short supply of homes in the area and the large number of prospective buyers who want to live there.

How Quickly Were Homes Selling in Clearview?

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, that is a respectable figure.

Clearview (Oakville) real estate, Days On Market

If the MOI numbers were not enough to tell the story, the Days on Market numbers definitely drive home the point. Once again, Clearview performed exceptionally well, with homes selling at a much faster pace than the average for the Town of Oakville throughout the entire period.

Average List Price and Average Sale Price of Clearview Homes

Clearview real estate, Avg List Price vs Avg Sale Price

 

This chart shows the very tight relationship between list price and sale price throughout the entire first half of 2015. Homes in Clearview were not only selling quickly, but they were selling at or above list price month after month.

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

All Homes in Clearview

Month – Average List Price – Average Sale Price

  • Jan    $625,950    $779,500
  • Feb    $896,500    $895,000
  • Mar    $800,975    $790,975
  • Apr    $856,063    $844,167
  • May    $858,613    $869,167
  • Jun    $859,933    $866,725

The average sale price of a home in Clearview ranged from approximately the upper-$700,000s to the upper-$800,000s for the first six months of 2015.

There were a total of 23 homes sold in Clearview in the first half of 2015.

The highest sale price for a home in Clearview for the first half of 2015 was $1.15-million.

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