The Oakville community of Central Oakville is an area in transition. Within this diverse section of Oakville bordering Lake Ontario you will find a blend of luxury homes and quaint bungalows, along with condominiums and townhomes. There is still some value to be had in this area, which is poised to continue appreciating in the coming years.
The Central Oakville real estate market had a very stable first half of 2015. While it performed a little below average on several criteria versus other Oakville communities (such as MOI), it did not perform poorly. Here are some key statistics for the Central Oakville Real Estate market for the first six months of 2015.
Central 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.)
Central 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
Central Real Estate - Months of Inventory Numbers, Mid-Year 2015
- January: 5 months (Balanced Market)
- February: 4.4 months (Balanced Market)
- March: 3.2 months (Seller’s Market)
- April: 4 months (Balanced Market)
- May: 2.3 months (Sellers Market)
- June: 3.5 months (Seller’s Market)
Central Oakville spent half of the first half of the year in a Balanced Market, which was lower than average for Oakville communities. Nonetheless, the real estate market here was stable and consistent relatively speaking.
How Quickly Were Homes Selling in Central 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.
Where Days on Market are concerned Central Oakville fell behind the overall Town average more than it outperformed it on a monthly basis. This is consistent with its performance across other real estate measurements and indicates that homes generally took longer to sell in Central Oakville than in other parts of the Town. This was likely due to the fact that there are some higher priced properties in this area, which can skew the results since they often take longer to attract the right buyer.
Average List Price and Average Sale Price of Central Oakville Homes
This chart shows the disproportionate relationships between list price and sale price that can occur in a diverse real estate community. While most of the period was spent in a somewhat standard view (home selling below asking price on average), the month of April was a significant reversal. This is what can happen when a high-end property sells relative the the larger number of lower priced offerings at the time.
Here are the monthly figures for average list price and average sale price for Central Oakville homes in 2015.
All Homes in Central Oakville
Month - Average List Price - Average Sale Price
- Jan $922,929 $732,789
- Feb $864,211 $808,136
- Mar $824,399 $654,542
- Apr $753,884 $913,691
- May $724,279 $690,836
- Jun $855,374 $707,206
Detached Homes in Central Oakville
Month - Average List Price - Average Sale Price
- Jan $990,667 $799,320
- Feb $1,088,555 $794,250
- Mar $740,183 $692,500
- Apr $835,756 $797,000
- May $804,999 $830,825
- Jun $803,325 $971,917
Since Central Oakville does have some higher-end homes, the average sale price can be skewed. For this reason I have included a second set of data for Average Sale Price of detached homes.
The average sale price of a detached home in Central Oakville ranged from approximately the upper $600,000s to the upper $900,000s for the first six months of 2015. This range illustrates the significant difference that you will find in Central Oakville when it comes to detached homes for sale (everything from older bungalows to newer luxury homes).
There were a total of 108 homes sold in Central Oakville in the first half of 2015.
The highest sale price for a home in Central Oakville for the first half of 2015 was $2.95-million.