The Oakville community of Glenorchy is one of Oakville's newest large-scale residential developments. Located north of Dundas Street in Oakville, Glenorchy offers buyers a wide selection of property types, from condominiums and townhomes, to upscale detached homes of varying sizes.
The Glenorchy real estate market had a fairly strong first half of 2015, performing at or above average versus other Oakville communities. Here are some key statistics for the Glenorchy Real Estate market for the first six months of 2015.
Glenorchy 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.)
Glenorchy 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
Glenorchy Real Estate - Months of Inventory Numbers, Mid-Year 2015
- January: 3.6 months (Seller’s Market)
- February: 2.9 months (Seller’s Market)
- March: 2.4 months (Seller’s Market)
- April: 1.8 months (Seller’s Market)
- May: 1.2 months (Sellers Market)
- June: 3.4 months (Seller's Market)
Glenorchy was in a solid Seller's Market for the first half of 2015 and particularly caught fire in the months of April and May when homes sold were very close to the number of homes available to buy--particularly in May.
How Quickly Were Homes Selling in Glenorchy?
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.
Glenorchy's performance from a Days-on-Market perspective was very strong in the first half of 2015. Homes in Glenorchy were selling at a very respectable pace, usually equal to or better than the average for the Town of Oakville.
Average List Price and Average Sale Price of Glenorchy Homes
Glenorchy's chart for average list price and average sale price is a bookend. It reflects the strong months February and April in particular, when homes here were selling very close to asking price, on average.
Here are the raw figures for average list price and average sale price for Glenorchy homes in 2015.
All Homes in Glenorchy
Month - Average List Price - Average Sale Price
- Jan $961,113 $666,667
- Feb $837,225 $821,967
- Mar $894,953 $778,375
- Apr $820,200 $790,167
- May $863,477 $767,110
- Jun $931,869 $736,400
Detached Homes in Glenorchy
Month - Average List Price - Average Sale Price
- Jan $1,079,983 $950,000
- Feb $1,019,500 $893,000
- Mar $1,131,350 $960,000
- Apr $1,019,475 $1,070,333
- May $1,192,180 $973,250
- Jun $1,163,356 $1,200,000
Since Glenorchy 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 Glenorchy ranged from the upper $800,000s to $1.2-million over the first six months of 2015.
There were a total of 86 home sale transactions in Glenorchy in the first half of 2015.
The highest sale price for a home in Glenorchy for the first half of 2015 was $1.26-million.