Oakville Real Estate Market Report - September 2024

Key Takeaways:

• Total Sales: 185 (up slightly from 181 in August 2024).
• New Listings: 752, up 18% compared to September 2023, signaling increased supply.
• Average Sale Price: $1.58M, up 2% year-over-year, indicating a steady but modest growth.
• Detached Homes: Sales dipped slightly to 99, with a significant price increase to $2.2M (up 10% YoY).
• Townhomes: Prices softened to an average of $1.146M, down from $1.2M last year.
• Condos: Prices dipped to $684K, down 4.4% from last year, signalling potential buyer opportunities in this segment.
• Days on Market: Properties are taking longer to sell, averaging 29 days, compared to 20 days in September 2023.

Supply: With months of supply at 5.81, Oakville is in a clear buyer’s market.

What Happened in Oakville's Market?

As September 2024 came to a close, Oakville’s real estate market saw a delicate balance between increasing supply and steady demand. The market recorded 185 total sales, a slight increase from last month and from September 2023, showing that buyers are still active, though the pace is not as frantic as earlier in the year.

One key development is the surge in new listings, with 752 properties hitting the market in September. This represents an 18% increase year-over-year, indicating that sellers are eager to capitalize on market conditions before the traditionally slower winter season. However, with a 5.81 month of supply, Oakville has fully transitioned into a buyer’s market, where inventory outpaces demand, giving buyers more negotiating power.

Despite this increase in supply, the average sale price of $1.58 million reflects a modest 2% growth compared to last year. This shows that while supply is rising, Oakville's inherent desirability helps maintain price stability, especially in higher-end segments like detached homes.

Oakville Detached Homes: A Shifting Dynamic

In the detached home segment, there were 99 sales in September, slightly down from 101 sales during the same period last year. However, the most notable figure is the 10% increase in average sale price to $2.2 million. This price growth signals that the upper-tier market is still thriving, though sellers must be mindful of the fact that these homes are now sitting on the market longer, with the average days on market at 30, up from 22 days last year.

With 524 active listings and 361 new detached listings coming to market, buyers have more options than ever before. Sellers in this segment should focus on pricing realistically and ensuring their homes stand out in terms of condition and presentation, as buyers have more time and leverage in this environment.

Oakville Townhomes: A Competitive Segment

The townhome market continues to be competitive, though we are seeing a softening in prices. The average sale price for a freehold townhome in September was $1.146 million, down from $1.2 million last year. With fewer buyers chasing townhomes compared to last year, this segment is seeing more moderate activity, and the slight price decline indicates buyers are less willing to stretch their budgets.

For buyers, townhomes present a good middle ground between detached home living and affordability. Sellers, however, need to be mindful that price sensitivity is increasing in this segment. Properly preparing and marketing your townhome will be key to ensuring a sale at or near the asking price.

Oakville Condos: Opportunities for Buyers

The condo market presents a unique opportunity for buyers. With an average sale price of $684,000, down 4.4%compared to last year, condos are becoming an increasingly attractive option for first-time buyers and investors. This is especially evident compared to last month’s condo prices, which averaged $862,000, indicating some volatility in this segment.

The increase in new condo listings to 154 (up from 115 last year) and the 262 active condo listings at month’s end highlight that supply is catching up with demand. With more options and softer prices, buyers should seize the moment to enter the condo market, particularly as inventory grows and prices stabilize.

Buyer's and Seller's Perspectives in Oakville Real Estate Market 

For Buyers: September’s data suggests that this is an excellent time to explore Oakville’s real estate market. Whether you’re looking for a detached home, townhome, or condo, the growing inventory and extended days on the market give you time to carefully consider your options and negotiate. Detached home buyers, in particular, have more leverage than in recent years, though townhomes and condos remain competitive due to their relative affordability. Take advantage of the 5.81 months of supply, especially in the detached and condo segments, where prices have either softened or levelled off.

For Sellers: If you’re selling in Oakville, it’s crucial to be strategic. Detached home sellers, despite price growth, should be prepared for longer days on the market and ensure that their homes are priced competitively. Townhome sellers may need to adjust their expectations as the market has softened slightly. Condo sellers, on the other hand, will face more competition given the increase in listings, so ensuring your unit stands out through staging or upgrades could make a significant difference. The 96% sale-to-list price ratio means buyers are negotiating, so be flexible but aim to differentiate your property to maintain as close to your asking price as possible.

Conclusion

The September 2024 Oakville real estate market presents a distinct advantage for buyers, especially with a clear shift into a buyer’s market. With increased supply, moderating prices in certain segments, and more negotiating power, it’s an ideal time for buyers to explore their options. On the flip side, sellers need to be realistic, patient, and prepared to present their homes in the best possible light to achieve success in this evolving market. Whether you're buying or selling, understanding the nuances of each segment—detached, townhomes, and condos—is key to making informed decisions in Oakville’s dynamic market.