Falgarwood Real Estate Market Report, Mid-2015

Falgarwood (Oakville) Real Estate Market Update
Falgarwood 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 Falgarwood is a family-friendly neighbourhood located on the east side of town in the mid-section of Oakville. Falgarwood is comprised mainly of detached homes (with a good selection of bungalows), townhomes and condominiums.

The Falgarwood real estate market had a very good first half in 2015. There remains some good real estate value to be had in this community compared to other parts of Oakville. Here are some key statistics for the Falgarwood Real Estate market for the first six months of 2015.

Falgarwood (Oakville) Homes Available vs Home Sold

Falgarwood 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

Falgarwood Real Estate – Months of Inventory, January through June 2015

  • January: 1.9 months (Seller’s Market)
  • February: 1.9 months (Seller’s Market)
  • March: 1.8 months (Seller’s Market)
  • April: 1.6 months (Seller’s Market)
  • May: 1.3 months (Seller’s Market)
  • June: 1.6 months (Seller’s Market)

As one of the last few areas remaining where you can still find good value in Oakville, Falgarwood had one of the strongest Seller’s Markets in Town for the first half of 2015.

How Quickly Were Homes Selling in Falgarwood?

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.

Falgarwood (Oakville) Real Estate, Days On Market

While homes in Falgarwood were selling, there was a wide range in terms of how quickly they were selling over the course of the first six months of 2015. Falgarwood was 50/50 in terms of how it lined up with the Town of Oakville average for Days on Market. With the longest timeframe being 35 days in January, however, this was still quite strong overall.

Average List Price and Average Sale Price of Falgarwood Homes

Falgarwood (Oakville) Avg List Price vs Avg Sale Price

As the year progressed, the Falgarwood real estate market gained steam. The gap between list price and sale price closed quickly after a slow month in January and Falgarwood performed exceptionally well from a Seller’s Market perspective, with three months having a higher average sale price versus list price.

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

All Homes in Falgarwood

Month – Average List Price – Average Sale Price

  • Jan    $468,281    $336,825
  • Feb    $487,209    $503,100
  • Mar    $505,624    $520,363
  • Apr    $592,305    $527,875
  • May    $580,093    $617,725
  • Jun    $628,756    $569,363

Detached Homes in Falgarwood

Month – Average List Price – Average Sale Price

  • Jan    $703,630    $738,000
  • Feb    $748,725    $731,250
  • Mar    $761,571    $708,850
  • Apr    $753,185    $761,750
  • May    $778,460    $795,458
  • Jun    $918,244    $768,978

Since Falgarwood has many non-detached housing options that tend to pull down the overall averages, I have included the average list price and sale price for detached homes as well.

The average sale price of a detached home in Falgarwood ranged from just over $700,000 to just under $800,000 for the first six months of 2015.

There were a total of 90 homes sold (of all types) in Falgarwood in the first half of 2015.

The highest sale price for a home in Falgarwood for the first half of 2015 was $1.186-million.

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