Inventory is higher than it has been over the 10 years and there are great options out there. Sellers are willing to sell at fair prices and a great opportunity for those who have been on the fence for a few years.
Although the rates are still high, the prices of homes have not been as affected as they could have been.
Home Prices...
Over the last 12 months, Oakville has actually increased in Detached homes by 2%. Burlington is up across the baord 2%-3% which shows how reslient home prices are.
Inventory and Sales...
The big takeaway for both cities is that inventory is up 74% to 84% vs 2023 and sales are down around 24%. As interest rates continue to drop throughout the year, we should see sales increase and inventory decrease.
Home Appreciation...
The question is....will prices continue to rise? Over the last 3 years in Oakville, the average appreciation is between 3% to 5% which is lower than a normal market. Burlington is around 5% to 6% which is more in line with the historical averages.
What Does This Mean?...
If you are planning on selling your home, the key is price fair and understand that homes can take anywhere from 30 to 45 days to sell depending on how much inventory is in your immediate area. As the Month of Inventory (MOI) drops below 2.5, this is where it starts to become a sellers market.
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