The Oakville community of Bronte is a lakefront section of Town that was previously a fishing village (it was annexed to form the Town of Oakville in 1962). Housing options in Bronte generally include older homes on larger lots, newly re-built modern homes, and a selection of upscale and moderate condominiums and townhomes.
The Bronte real estate market had a steady first half of 2015, performing right around average versus other Oakville communities. Here are some key statistics for the Bronte Real Estate market for the first six months of 2015.
Bronte 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.)
Bronte 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
Bronte Real Estate - Months of Inventory Numbers, Mid-Year 2015
- January: 3.5 months (Seller’s Market)
- February: 3.5 months (Seller’s Market)
- March: 3.2 months (Seller’s Market)
- April: 3.2 months (Seller’s Market)
- May: 3.2 months (Sellers Market)
- June: 4 months (Balanced Market)
Bronte was easily the most consistent performer among all communities in Oakville, with very steady and solid MOI numbers right through June 2015.
How Quickly Were Homes Selling in Bronte?
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.
Once again, Bronte's performance was lock-step with Town of Oakville averages for all communities. Bronte showed very good and solid performance throughout the first half of 2015.
Average List Price and Average Sale Price of Bronte Homes
The chart above reflects the other data. It shows that homes in Bronte were generally selling below list price, which was relatively normal for the Oakville market in 2015. January and May were the strongest months in Bronte in terms of asking price and sale price.
Here are the raw figures for average list price and average sale price for Bronte homes in 2015.
All Homes in Bronte
Month - Average List Price - Average Sale Price
- Jan $736,555 $743,127
- Feb $788,399 $662,891
- Mar $828,681 $661,040
- Apr $791,724 $652,128
- May $811,327 $775,442
- Jun $883,953 $679,519
Detached Homes in Bronte
Month - Average List Price - Average Sale Price
- Jan $920,953 $836,700
- Feb $998,542 $816,722
- Mar $967,768 $832,000
- Apr $914,328 $836,650
- May $952,617 $878,900
- Jun $1,076,066 $828,253
Since Bronte has a large number of townhomes and condominiums that skew average sale price downward, I have included the figures for detached homes only.
The average sale price of a detached home in Bronte ranged from approximately the low $800,000s to upper $800,000s for the first six months of 2015.
There were a total of 221 homes sold in Bronte in the first half of 2015.
The highest sale price for a home in Bronte for the first half of 2015 was $1.782-million.