Wednesday, September 16, 2015 9:00 am ·  0 Comments
West Oakville is an area that was largely built in the 1960s and 1970s. Housing options in West Oakville generally include homes on larger lots, with everything from early original bungalows to newly built modern luxury homes.
The West Oakville real estate market had a very solid first half of 2015, performing above average on several criteria versus other Oakville communities. Here are some key statistics for the West Oakville Real Estate market for the first six months of 2015.
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
After rebounding from a slow month in January, West Oakville was in a very solid Seller’s Market from February through June 2015.
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.
West Oakville performed very well as far as Days on Market is concerned. January and February were just behind the Town average, but from there the West Oakville real estate market gained steam and outperformed the Town on average for the remainder of this reporting period. April was an exceptionally strong month for speed of sales in West Oakville.
The chart above shows a wide gap between list price and sale price in all months except for May and June 2015. Even though homes in West Oakville were selling quickly, they were selling for below asking price, on average, for the first four months of 2015. West Oakville rebounded towards the end of the reporting period and had a very strong showing in June. Overall, the real estate market in West Oakville was fairly healthy in the first half of 2015.
Here are the raw figures for average list price and average sale price for West Oakville homes in 2015.
Month – Average List Price – Average Sale Price
The average sale price of a home in West Oakville ranged from approximately $600,000 to the low $900,000s for the first six months of 2015.
There were a total of 126 homes sold in West Oakville in the first half of 2015.
The highest sale price for a home in West Oakville for the first half of 2015 was $2.111-million.
West Oakville Boundaries
The residential community of West Oakville is bounded approximately by Speers Road to the north, Dorval Drive to the east, Rebecca Street to the south and Bronte Creek to the west.