As we approach the final quarter of 2024, the real estate market in Oakville and Burlington continues to navigate a landscape marked by both challenges and opportunities. Here’s a detailed look at the current trends, prices, and what they mean for buyers and sellers in our area.
Sales Trends and Market Activity...
Sales in Oakville and Burlington remain subdued, consistent with patterns observed over the past few months. Buyers continue to hesitate, which can be attributed to a mix of uncertainty and the still-uncertain impact of interest rate adjustments.
Interest Rates and Market Dynamics...
On a positive note, interest rates have been trending down over the past three months. This downward movement is encouraging, although it hasn’t yet dramatically shifted market dynamics. While buyers remain on the fence, the trend towards lower rates is a step in the right direction, and we’re hopeful that it will eventually spur increased activity in the market.
Inventory, D.O.M and M.O.I...
Inventory levels have been a significant point of discussion. There’s been a marked increase of 41% to 48% in available homes compared to last year. However, this is a slight improvement from the previous month’s 64% increase. New listings are also down compared to both the previous month and 2023, indicating a potential tightening in supply.
The Days on Market (DOM) has lengthened from 29 to 35 days, emphasizing the need for sellers to be prepared for a potentially extended selling process. The Months of Inventory (MOI) remains high, ranging from 4 to 6 months. While this suggests a balanced market, it’s important to note that a MOI below 2.5 months indicates a seller’s market.
Advice to Sellers and Buyers...
This market is all about being educated, setting realistic expectations and having patience. It's time for the REAL in REALtor to stand out and show thier worth. Selling a home in this market requires 24/7 attention and proper analysis. With inventory still very high and lack of buyers, we need to ensure that Sellers understand how long a home could take to sell. Pricing is key and ensuring that a home is showing as best as possible will help for sure. Although the interest rates have been dropping three consecutive times, it is still not enough to make an immediate impact on the sales in this market. However, it is very nice to see that we are heading in the right direction and as 2025 is looking promising. If you are a Buyer and can afford to purchase in this market, there are some great deals out there and I feel that prices will rise more next year as many buyers come back to the market. If you are thinking of Selling this year, its all about inventory in your neighbourhood and whether or not you absolutely have to sell. As long as more buyers get back into the market, selling in 2024 makes sense but holding off is not a bad thing at all. If Septemeber sales pick up by 25% of higher, we are in for a great ending to 2024!
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