Well, spring is about to be sprung as the Oakville real estate market heads in to the busiest time of the year. Winter showed a decline in the number of sales with a minor price adjustment. The federal government's plan to cool off the real estate market has taken effect with the ever increasing constraints on mortgages, as well as the barrage of negative publicity aimed at residential real estate prices. That being said, Oakville's real estate market is moving along at a steady clip, with a lack of inventory for some styles of homes causing an ever increasing number of bidding wars. About 20% of homes are being sold at list or above.Well, spring is about to be sprung as the Oakville real estate market heads in to the busiest time of the year. Winter showed a decline in the number of sales with a minor price adjustment. The federal government's plan to cool off the real estate market has taken effect with the ever increasing constraints on mortgages, as well as the barrage of negative publicity aimed at residential real estate prices. That being said, Oakville's real estate market is moving along at a steady clip, with a lack of inventory for some styles of homes causing an ever increasing number of bidding wars. About 20% of homes are being sold at list or above.
Inventory has jumped to 941 properties for sale. Normally Oakville numbers are closer to 650 to 750. The jump is expected as families list their homes in the spring, so that they can move over the summer. Parents don't like to interrupt the school year with a move. It is also when most homes look the best.
Here are Oakville real estate statistics for March 17 t0 31.
Some properties don't fit the normal pattern, so if your property is one of those it can be a blessing or a curse. Occasionally unique properties move very quickly because there is a greater demand for them, than there is inventory. The more typical reality is that unique properties usually appeal to a much smaller buying group, so with that in mind it can take far longer to sell than a typical property. A good example of this is a home that has been converted from a three bedroom to a two bedroom. Being patient is a great virtue with a unique property. There is a buyer for every type of property. It just may take longer than you had hoped.
