May is here, and you know that that means… Baseball season, and the spring market are in full force! Over the past few months, hopes have been high that interest rates will drop, the market will pick up, and the Blue Jays will finally do something.
Well, we’re here to report that both the Jays and the market have continued to be, for lack of a better word, unremarkable.
This isn’t bad news though! There are still a lot of positives! It’s great to be in a safe and balanced market where both buyers and sellers can benefit. This relaxed environment is much more sustainable and mutually rewarding than the crazy highs and crashes we saw in 2022 and 2023!
Home Prices...
Let's kick things off with home prices over the past 12 months. In Oakville, detached homes have seen a healthy 5% uptick, while townhouses have nudged up by 3%. However, condos took a slight dip of 4%. Over in Burlington, it's mostly good news with slight increases across the board - detached homes up by 1%, townhouses by 3%, and condos by 2%.
New Listings and Inventory...
Now, here’s where buyers should listen up, because these numbers are soaring compared to last year. Oakville saw a whopping 43% increase in new listings, while Burlington wasn't far behind with a 36% jump. Inventory levels followed suit, shooting up by 63% in Oakville and 54% in Burlington. This surge is a golden opportunity for buyers, with more options hitting the market than ever over the last year!
Sales...
What about sales? Well, they've taken a bit of a dip compared to last year, with Oakville down by 12% and Burlington by 5%. However, the good news is that compared to last month, sales are actually up by 15% to 18%, signaling we’re still on a steady upwards trajectory.
DOM and MOI...
Days on Market (DOM) have seen a slight increase compared to last year, with Oakville at 20 days and Burlington at 21. However, this really does vary between neighbourhoods. We’ve seen some properties fly off the shelves within days, while others are taking a little longer to find a buyer.
Months of Inventory (MOI) are in a healthy range, sitting at around 3 months for both Oakville and Burlington. This indicates a balanced market, neither too hot nor too cold.
Home Appreciation...
Now, let's talk appreciation. Over the last three years, home values have been holding steady, with average appreciation rates hovering around 5%-7%. Condos in Oakville saw a more modest 4% increase. Don’t let this spook you! If this is your personal residential property, 4% is still respectable. If it is an investment property, that may be a different story…
What Does This Mean?...
When all is said and done - the market is safe, but there's a bit of concern bubbling under the surface. Some homes are flying off the market while others are languishing with minimal interest. The culprit? "Panic pricing" and gimmicky tactics by some agents, driving unnecessary competition and confusion.
Let's get back to basics! Fair pricing, honest marketing, and a little patience can go a long way in selling homes the right way. Buckle up, stay informed, and remember, there's no substitute for good old-fashioned honesty and integrity in this wild world of buying and selling.
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