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The Real Estate Market continue to be a big player in Ontario economy and the best source of investment for homeowners as well as investors. I am going to provide a comprehensive description of Oakville Real Estate market performance in the past year, the main reason is to answer many of the concerns and questions you have.
One of the unique trends of 2014 Oakville Real Estate market was the “shortage of inventory”. Since early months of 2014, the market witnessed a lot of multi offers on properties being listed for sale, in plain language having more than one offer, sometime five and six offers, of competing buyers on the same house. This is also what is called “Seller’s Market” and with this trend alone we could address so many questions:
– Seller’s market is the main reason for price increase. Which what literally happened in 2014, the average price jumped from $760,000 in December 2013 to $810,000 in December 2014. That is about 6.5% increase.
– Seller’s market is a main reason for less transactions in total. Looking at the graphs above, we notice that the number of houses being sold in 2014 is way less than their counterpart in 2013.
– Although there was massive number of New residential unites being offered by Large home builders in both South and North Oakville. The buying apatite was remarkably high and we often saw an long lineup of buyers competing to buy new homes on the launching days for builders like Mattamy Homes, Fernbrook, Rosehaven Homes and so forth.
– Average days on market in 2014, which is how many days between listing the house and being sold, was remarkably lower than 2013. The increase supply in new homes from the builder barely matched the consumers demand on buying homes and did not effect the resale home’s market.
There were some news and major banks reports suggested that the Real Estate market is inflated by 10 to 30% above what it should be, the same reports did not give any firm indications that a major correction could happen, the most they suggested is that we are not going to see the same price increase in 2015. Which is what the banks suggest could happen at the end of 2013!
If we stick to the market rule of thumb “Supply and Demand” we could reach a more solid conclusion. Supply and demand is the real indicator to forecast the future of any commodity and in any marketplace.
If Canadian keep the same Real Estate buying apatite, then what happened in 2014 could simply continue to happen in this year.
Happy New Year.