At Martin Group, we believe it's essential to provide you with accurate and up-to-date market insights to guide your buying, selling, or investing decisions. In this video, Cory Martin will break down the Oakville housing market for December 2024, focusing on detached homes, townhomes, and apartments.
Why This Video is Important to You:
Whether you’re actively looking to buy, sell, or invest, understanding the current market trends is key. The December 2024 stats provide unique insights into market shifts during the holiday season. I’ll show you exactly what’s happening with prices, market absorption rates, and days on market for each property type.
Key Highlights of the December 2024 Oakville Market:
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Detached Homes:
- Bungalows saw a .3% price gain, with properties staying on the market for around 30 days.
- Two-story detached homes saw a 2.7% increase in prices while days on market is 27 days.
- The absorption rate for detached homes dropped from 23% to 17.%, but price increased. In cases where the absorption rate is falling, it could be due to a decline in the overall number of sales across the market. However, in specific segments, such as luxury homes, demand may remain high, driving prices up despite fewer overall sales.
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Townhomes:
- Prices dipped slightly by 0.9%, but the absorption rate surged from 25% to 43%, reflecting the impact of the new mortgage rules introduced in December.
- The market for townhomes has become balanced, and we expect price gains in the near future as inventory moves.
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Apartments:
- The apartment market saw no significant change, with 18% absorption and 0% price fluctuation. The average days on market is 46, indicating a continued buyer’s market for apartments.
Market Insights for Buyers, Sellers, and Investors:
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For Buyers: This is a crucial time to understand market trends and know where the opportunities are. The townhome market, in particular, could see price movements due to the increased absorption rate.
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For Sellers: Prices for detached homes remain strong, but timing is important. If you're looking to sell, you may still be able to capitalize on favorable market conditions.
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For Investors: The shift in absorption rates, especially in townhomes and detached homes, may present new opportunities for strategic investment.
Want to know how these stats apply to your specific situation?
Contact Martin Group today for personalized advice or to schedule a consultation. We're here to help you navigate Oakville’s dynamic housing market with confidence.
