College Park Real Estate Market Report, Mid-2015

College Park (Oakville) Real Estate Market Update
College Park Real Estate Market Report, Mid-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 College Park is a mature area of Town located in the mid-section of Oakville. Housing options in College Park include a range of properties, from detached homes on large lots, to townhomes and condominiums.

The College Park real estate market followed a fairly typical first half of 2015, generally in line with Oakville averages in most areas. It remained an attractive area for those looking for value in the Oakville real estate market. Here are some key statistics for the College Park Real Estate market for the first six months of 2015.

College Park (Oakville) Real Estate, Homes Available

 

College Park 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.)

College Park Real Estate Market: Months of Inventory for 2015

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

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

  • January: 4 months (Balanced Market)
  • February: 2.9 months (Seller’s Market)
  • March: 1.8 months (Seller’s Market)
  • April: 2.4 months (Seller’s Market)
  • May: 1.2 months (Balanced Market)
  • June: 1.6 months (Seller’s Market)

Aside from a technical Balanced Market in the month of January, College Park experienced a very strong Seller’s Market over the first half of 2015.

How Quickly Were Homes Selling in College Park?

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.

College Park (Oakville) Real Estate, days on market

Once again, after rebounding from a slow month in January 2015, homes in College Park ended up selling at an equal to or faster pace than the average for the Town of Oakville for the first half of 2015.

Average List Price and Average Sale Price of College Park Homes

College Park (Oakville) avg list price vs avg sale price

The chart above illustrates the strong correlation between list price and sale price for College Park residential real estate throughout the first half of 2015. Even though it may have taken longer for homes to sell in January, the actual sale price remained strong versus the asking price. Overall, the real estate market in College Park was very strong in the first half of 2015 with the average sale price surpassing the average list price in the month of May.

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

All Homes in College Park

Month – Average List Price – Average Sale Price

  • Jan    $592,425    $588,250
  • Feb    $543,640    $525,313
  • Mar    $676,682    $565,192
  • Apr    $672,336    $664,750
  • May    $532,145    $570,807
  • Jun    $588,549    $530,062

Detached Homes in College Park

Since College Park has a fair number of townhomes, apartments and condominiums, it is worth looking at the sales numbers for detached homes separately, since they are significantly different than the average for this community

Month – Average List Price – Average Sale Price

  • Jan    $809,100    $588,250
  • Feb    $649,596    $598,925
  • Mar    $781,383    $769,917
  • Apr    $785,713    $723,900
  • May    $637,485    $658,565
  • Jun    $761,268    $656,769

The average sale price of a detached home in College Park ranged between the upper $500,000s to the mid $700,000s for the first six months of 2015. This is among the best value for real estate in the Town of Oakville.

There were a total of 85 homes sold in College Park in the first half of 2015.

The highest sale price for a home in College Park for the first half of 2015 was $1.67-million.

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