Old Oakville Real Estate Market Report, Mid-2015

Old Oakville Real Estate Market Report
Old Oakville 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 Old Oakville is the original residential area of the Town of Oakville. Housing options in Old Oakville are primarily detached homes, but there are some townhomes and condominiums.

The Old Oakville real estate market performed below average when compared to most other communities in Oakville; however, since home prices tend to be on the upper end of Town averages, that is not to be unexpected. Here are some key statistics for the Old Oakville Real Estate market for the first six months of 2015.

Old Oakville Homes available vs homes sold

Old Oakville 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.)

Old Oakville 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

Old Oakvill Real Estate – Months of Inventory Numbers, Mid-Year 2015

  • January: 4.9 months (Balanced Market)
  • February: 6.2 months (Buyer’s Market)
  • March: 6.1 months (Buyer’s Market)
  • April: 3.2 months (Seller’s Market)
  • May: 3.2 months (Sellers Market)
  • June: 6.6 months (Buyer’s Market)

Old Oakville had a little bit of everything going on in the first half of 2015. There was one Balanced Market, two Buyer’s Markets and three Seller’s Markets. Due to the nature of this desirable part of town, it is not unusual to see peaks and valleys like this over the course of many months. None of these were extreme by any means.

How Quickly Were Homes Selling in Old Oakville?

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.

Old Oakville Real Estate, Days On Market

Despite what the MOI numbers may say (above), with the exception of January, Old Oakville homes were selling quite well in terms of time on the market, especially considering their upper tier prices.

Average List Price and Average Sale Price of Old Oakville Homes

Old Oakville Avg List Price vs Avg Sale Price

Looking at the numbers in the sales chart and data below, it can be seen how February, March and June were very much Buyer’s Markets in Old Oakville.

Here are the raw figures for average list price and average sale price for Old Oakville homes in 2015.

All Homes in Old Oakville

Month – Average List Price – Average Sale Price

  • Jan    $1,929,500    $1,817,556
  • Feb    $1,788,090    $1,506,590
  • Mar    $1,897,247    $1,277,154
  • Apr    $2,008,875    $1,272,876
  • May    $1,595,727    $1,515,375
  • Jun    $1,852,251    $908,800

Detached Homes in Old Oakville

Old Oakville has enough townhomes and condominiums that they can have an impact on pulling down the sales figures.  As a result, it is worth looking at the sales numbers for detached homes separately, since they are different than the average for this community.

Month – Average List Price – Average Sale Price

  • Jan    $2,299,794    $1,918,250
  • Feb    $2,213,836    $1,786,863
  • Mar    $2,415,022    $1,629,611
  • Apr    $2,527,830    $1,535,885
  • May    $2,139,385    $1,901,500
  • Jun    $2,291,039    $1,161,950

The average sale price of a detached home in Old Oakville ranged from approximately $1.1-million to $1.9-million for the first six months of 2015.

There were a total of 104 homes sold in Old Oakville in the first half of 2015.

The highest sale price for a home in Old Oakville for the first half of 2015 was $4.3-million.

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