Westoak Trails Real Estate Market Report, Mid-2015

Westoak Trails Real Estate Market Update
Westoak Trails 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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Westoak Trails is a family-friendly community located in a central section of Oakville. Housing options in Westoak Trails include a variety of home styles, from townhomes to upscale detached homes backing on to woodland ravines.

The Westoak Trails real estate market was in a Seller’s Market throughout the first half of 2015. Here are some key statistics for the Westoak Trails Real Estate market for the first six months of 2015.

Westoak Trails Homes Available vs Homes Sold

 

Westoak Trails 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.)

Westoak Trails 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

Westoak Trails Real Estate – Months of Inventory Numbers, Mid-Year 2015

  • January: 3.1 months (Seller’s Market)
  • February: 3.3 months (Seller’s Market)
  • March: 2 months (Seller’s Market)
  • April: 1.9 months (Seller’s Market)
  • May: 1.3 months (Seller’s Market)
  • June: 1.4 months (Seller’s Market)

With MOI numbers that trended down through the first six months of 2015, Westoak Trails had a firm Seller’s Market for the first half of the year.

How Quickly Were Homes Selling in Westoak Trails?

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 result.

Westoak Trails Real Estate, Days on Market

Home sales in Westoak Trails were among the quickest in the Town of Oakville. The community regularly beat the average Days on Market number for the entire Town, and matched it in the one month where it did not do better (see above).

Average List Price and Average Sale Price of Westoak Trails Homes

Westoak Trails avg list price vs avg sale price

The chart above indicates the presence of a Seller’s Market. Throughout the period of this report, the average list price of homes in Westoak Trails was very close to the average sale price of homes. In fact, the average sale price was higher than the average asking price in the month of March. This is a rare occurrence and signals the strength of the Seller’s Market in this community.

Here are the raw figures for average list price and average sale price for Westoak Trails homes in 2015.

All Homes in Westoak Trails

Month – Average List Price – Average Sale Price

  • Jan    $738,333    $661,458
  • Feb    $766,955    $635,173
  • Mar    $647,268    $694,353
  • Apr    $688,839    $683,423
  • May   $773,226    $731,297
  • Jun    $671,509    $610,545

The average sale price of a home in Westoak Trails during this period was primarily within the mid- to upper-$600,000s, with one month crossing the $700,000 threshold.

Similar to Glen Abbey, Westoak Trails has a fair number of townhomes and other non-detached residences. For this reason it is worth reviewing the averages for detached homes as well, since the average sale price is noticeably higher.

Detached Homes in Westoak Trails

Month – Average List Price – Average Sale Price

  • Jan    $796,813    $724,111
  • Feb    $832,500    $839,250
  • Mar    $729,020    $759,042
  • Apr    $770,025    $790,225
  • May    $862,952    $798,400
  • Jun    $789,785    $750,057

There were a total of 165 homes sold in Westoak Trails in the first half of 2015.

The highest sale price for a home in Westoak Trails for the first half of 2015 was $1.415-million.

Westoak Trails Boundaries

The residential community of Westoak Trails is bounded by Third Line to the west, Dundas Street to the north, Sixteen Mile Creek to the east and Upper Middle Road to the south.

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