Glen Abbey Real Estate Market Report, Mid-2015

Glen Abbey Real Estate Market Update, 2015
Glen Abbey Real Estate Market Report, Mid-2015
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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 Glen Abbey is one of Oakville’s largest residential areas. Housing options in Glen Abbey run the range from affordable condominiums to million-dollar luxury homes and everything in between.

The Glen Abbey real estate market was very strong in the first half of 2015, particularly attractive for those selling their homes. Here are some key statistics for the Glen Abbey Real Estate market for the first half of 2015.

Glen Abbey Real Estate, home available

Glen Abbey 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 less straightforward than Months of Inventory.)

Glen Abbey 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), homes are usually selling relatively 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 favorably, 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

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

  • January: 2 months (Seller’s Market)
  • February: 1.7 months (Seller’s Market)
  • March: 1.6 months (Seller’s Market)
  • April: 1.8 months (Seller’s Market)
  • May: 1.5 months (Seller’s Market)
  • June: 1.1 months (Seller’s Market)

With such low MOI numbers, this indicates a very strong Seller’s Market in Glen Abbey throughout the first half of 2015 — a market that strengthened for sellers right into June.

How Quickly Were Homes Selling In Glen Abbey?

Days on Market 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 result. Naturally in the hot Seller’s Market we have been having, many homes were selling within days — single digits.

Glen Abbey Real Estate, Days on Market

With a range of only 18 days to 25 days for average Days on Market for the first half of 2015, homes were definitely selling at a good pace throughout the six-month period.

The average Days on Market for all homes in Oakville for this same period was as follows:

  • January – 33 days
  • February – 26 days
  • March – 25 days
  • April – 24 days
  • May – 24 days
  • June – 25 days

Overall, however, the Days on Market for Glen Abbey real estate for the first half of 2015 shows some very good numbers and was consistently better than the Town average in five of the six months and equal to the Town average in the other month (March).

Average List Price and Average Sale Price of Glen Abbey Homes

Glen Abbey Real Estate (Oakville) avg list price vs avg sale price

The data in the chart above shows a very strong Seller’s Market, where the average list price and average sale price of homes were almost in sync throughout the first six months of the year. It is notable that there were several months where the average sale price was higher than the average list price. When that occurs on average for an entire month, that is a very strong Seller’s Market.

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

All Properties in Glen Abbey

Month – Average List Price – Average Sale Price

  • Jan     $687,227    $537,306
  • Feb    $779,827    $831,604
  • Mar    $758,034    $759,696
  • Apr    $733,598    $826,969
  • May    $750,739    $675,658
  • Jun    $769,907    $727,738

Detached Homes in Glen Abbey

Month – Average List Price – Average Sale Price

  • Jan    $1,025,200    $817,167
  • Feb    $1,050,858    $1,047,106
  • Mar    $985,750    $979,917
  • Apr    $917,052    $979,953
  • May    $1,002,800    $872,559
  • Jun    $986,516    $1,041,416

Glen Abbey has a relatively large number of townhomes and condominiums, so the the average numbers are much lower when looking at all properties. If you are looking for a detached home in Glen Abbey, pay attention to the numbers above for an indication of the average list price and average sale price of Glen Abbey detached homes in each month as they are significantly higher than the average.

There were a total of 219 homes sold in Glen Abbey in the first half of 2015.

The highest sale price for a home in Glen Abbey for the first half of 2015 was $1.78-million.

 

 

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