Oakville Real Estate Update: January 5th to 12th

60exterior2-smallBalanced is the best way to describe Oakville’s residential real estate market.  The volume of sales are down by 21% from the same period as last year, which is up from the 35% drop in volume we saw during the month of December. This is starting to trend in the right direction as the Spring market begins at the end of January.

Prices are stable. More properties are being sold or removed from inventory than are being added.  Available listings dropped by 35 for a current total of 634 – leaving 12 weeks of inventory. There was one property that sold above the list price.

A number of positive indicators in the market are likely to boost consumer confidence in the Canadian real estate market which include: strong employment numbers in both the US and Canada, US congress managing to pass the fiscal cliff bill, and the rally in stocks. Though the stock rally can have a negative effect as investors start re-investing in the stock market, recognizing that double-digit grow in real estate is likely levelling off. With interest rates remaining at all time lows – this is a positive time to buy.

livingroomsFrom the local perspective, Oakville has and is having several very positive factors take place: Siemens moving its head office to Oakville, and Price Waterhouse Cooper building a new Office building north of the rail lines and east of Trafalgar Road.

With several factors indicating a balance market such as: inventory remaining stable, sales starting to pick up, an economy with steady growth both locally, nationally, and internationally, and interest rates remain low and stable – Oakville continues to be a positive place to buy property.

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