Oakville Real Estate Update: January 11-18, 2013

170644273350999214_x3gsckk7_bSteady as she goes is how best to describe the Oakville real estate market; by that I mean that it is neither a sellers’ market, nor is it a buyers’ market. As of this week the average days it took to sell a property was 60, combined with the fact that only two properties out of the 36 properties sold above the listing price – indicates balance. Buyers are not willing to overpay and sellers are not willing to take large price reductions.

Inventory is healthy with just over one percent. Inventory is growing as it should. We are entering the busiest time in residential real estate – spring. Last year during the same period 58 properties sold and this week it is only marginally lower at 53. The most expensive property that sold this week was a large estate in South-East Oakville for $4.5 million, and the least expensive property was a  freehold town home in North-West Oakville for $372,000.00.

210050770091225724_cmhg1gak_bSo what do you do in this market when your home is likely going to be on sale for 60 days, and there isn’t likely going to be a line up of buyers making multiple offers: keep your home in good condition, keep a light on if the showing is at night, and try to understand that if you and your realtor have done the right work – it will sell – but you’ll need to be patient.

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