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It's all SO CONFUSING?! | March Market Update

Updated: May 8

So March has come to a close and we’re more confused than ever with this market! Inventory is high, interest rates have not moved, BUT sales have nearly doubled since December and we’re even seeing scattered Bidding Wars!!! So what is it that’s driving the market this way? Our best guess… increasing buyer confidence, and fair market values!



Sales Prices...


In March, the real estate market in Oakville saw a slight decline in detached homes by 4% compared to 2023, with an average price of $1,928,413. Townhouses also experienced a decrease of 14%, settling at an average price of $932,893, while condos followed suit with a 4% decrease, reaching $641,985.


Contrastingly, Burlington witnessed an uptick in detached homes, rising by 7% to an average of $1,492,431. Townhouses also saw a modest increase of 3%, averaging at $862,771, and condos experienced a significant surge of 9%, reaching $626,500.

Days On Market...


Fair pricing strategies have led to quicker home sales in both Oakville and Burlington. Over the past 12 months, Oakville's housing market has shown a steady increase of around 3% across all property types, while Burlington's market has seen a 1% rise. Year-to-date figures indicate a promising trend in both regions.



Inventory...


Inventory levels have notably risen by 32% in Oakville and 34% in Burlington, contributing to a balanced market condition. Despite interest rates remaining unchanged, sales have nearly doubled since December 2023, signalling a resurgence of buyer activity, particularly in the spring market.



Past 3 Years...


Over the past three years, Oakville has witnessed an average annual appreciation of home values ranging between 4.5% to 6.5%, while Burlington has seen a slightly higher range of 6% to 7%. These figures align well with the historically healthy appreciation rates of 5% to 7% over the last 25 years.



What Does This Mean?...


In the current market climate, we see that buyers are gaining confidence and are eager to capitalize on potential price increases without waiting for interest rates to drop. However, we STRONGLY discourage realtors from employing questionable tactics, such as underpricing or overpricing properties. Sellers should seek multiple opinions before committing to the sale to ensure their realtor is acting in their best interest. It's essential for homeowners to scrutinize realtors' credentials and not automatically trust larger firms solely based on their marketing presence. Remember, bigger isn't always better when it comes to selecting the right real estate agent.



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