Southwest Oakville is an upscale lakeside community comprised mainly of unique homes, along with some townhomes and condominiums.
The Southwest Oakville real estate market had a moderate first half of 2015, generally reflective of the higher-than-average sale price for homes in this area compared to other Oakville communities. Here are some key statistics for the Southwest Oakville Real Estate market for the first six months of 2015.
Southwest 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.)
Southwest Oakville 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
Southwest Oakville Real Estate - Months of Inventory, Mid-Year 2015
- January: 8 months (Buyer's Market)
- February: 9 months (Buyer’s Market)
- March: 6.7 months (Buyer’s Market)
- April: 3.5 months (Seller’s Market)
- May: 4.7 months (Balanced Market)
- June: 5.6 months (Balanced Market)
With a relatively small number of sales and the relatively high list prices for homes in Southwest Oakville, it is not unusual to see the MOI swings that we do for the first half of 2015. Generally, however, it was very much a Buyer's Market in Southwest Oakville for the period of this report.
How Quickly Were Homes Selling in Southwest 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.
Not surprisingly, homes in Southwest Oakville took longer to sell than the average home in Oakville, due to the higher home values and a smaller number of buyers at these price points. However, except for March and April, Southwest Oakville performed fairly well in terms of this statistic all things considered.
Average List Price and Average Sale Price of Southwest Oakville Homes
This chart best illustrates the impact that a single sale can have on the data in markets like Southwest Oakville (higher priced homes with lower overall sales figures). For the most part, the average list price was much higher than the average sale price, except for when a higher-priced home sells, such as we see in the month of March 2015. Once again, this chart is typical of many upscale communities with higher-priced properties.
Here are the raw figures for average list price and average sale price for Southwest Oakville homes in 2015.
All Homes in Southwest Oakville
Month - Average List Price - Average Sale Price
- Jan $2,326,179 $1,203,500
- Feb $1,987,350 $1,298,667
- Mar $1,205,833 $1,377,000
- Apr $1,856,125 $1,059,000
- May $1,719,504 $1,477,444
- Jun $1,878,229 $1,071,286
The average sale price of a home in Southwest Oakville ranged from just over $1-million to just under $1.5-million for the first six months of 2015.
There were a total of 42 homes sold in Southwest Oakville in the first half of 2015.
The highest sale price for a home in Southwest Oakville for the first half of 2015 was $2.71-million.