Oakville Real Estate Update: January 25 to February 2, 2013

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The Oakville real estate market is starting to heat up – which is expected – but the volume of sales continues to lag significantly behind last year when 82 properties sold vs 67 for this week. What we did see is a big bump of 22 percent of properties that sold at or above the listed price for the week. So buyers are willing to bid when they feel that the property on the market is priced below market. What we are also experiencing are buyers not willing to put in low ball offers. They prefer to wait until a property gets extremely close to what they believe is the correct list price. Most of the properties are selling within 2% of their list price.

Here are the real estate statistics for this week:

Price Range Active Conditional Sold at or above Listed Delisted
Lease 160 0 17 6 22 14
$100K – $500K 122 15 13 2 36 18
$500K – $1M 242 10 27 7 72 24
$1M – $2M 121 1 9 1 19 5
$2M + 77 0 1 1 8 5
Total 722 26 67 17 157 66

The average price paid for a lease was $2515 and it took an average of 30 days on market to lease. The average price paid for sold property was $753,000 and it was on the market for about 30 days as well. What we are not seeing is a decrease in listing/sold prices, which indicates Oakville’s real estate market continues to be balanced.

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