Oakville Real Estate Prices Settle

July 12th, 2010 by Comment button 1 Comment »

The market is starting to settle a little bit as is to be expected once the children are out for the summer. There were a total of 144 new listings, 65 properties that sold and of those 13 sold at or above list. Where we have seen a big change is the drop in multiple offers as they relate to purchases. Only 3 properties out of 47 actually sold at or above list price. This is from the all time high of 35%. Leases in general are still happening at list or above.

Sales still strong

Before lamenting that the Oakville prices are decreasing, what this actually means is that the prices buyers are willing to pay for properties are getting much closer to the price that sellers are willing to accept. Oakville homes are still selling strongly, with the average days on market still hovering in the 20 to 30 day range. The price of a current home in Oakville is still selling for $494,000, and the average price reduction is about 2 to 3 percent or $13,000.

Here are the statistics for this week:

Price Range Listed Solds Sold At or Above List
Leases 38 18 10
$100K to $500K 55 28 2
$500K to $1M 33 17 1
$1M to $2M 17 2 0
$2M plus 1 0 0

Houses at their best

Purchasing a home in the middle of summer is slightly different experience. At this time you’ll see houses in their best conditions. Even the road traffic decreases in the summer, since a great number of Oakville residents go away for the summer. Try to picture living in a prospective home through all of the seasons.

If you’re selling, remember to keep the lawn and gardens in great shape. If that isn’t where you excel, then hire a professional landscaper to come in and get the property ready. Much like a stager for your home, a landscaper will save you thousands at the negotiating table.

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About the author: Nolan Machan

Nolan Machan is a dedicated Oakville residential realtor, who has a healthy roster of happy buyers and sellers. He is passionate about meeting the needs of his clients using his depth of Oakville knowledge, and years of marketing and negotiating skill.

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