The Oakville community of River Oaks is a diverse area located in the mid-section of Oakville. Housing options in River Oaks include a wide range of homes, from luxury detached homes to more affordable homes, townhomes and condominiums.
The River Oaks real estate market had a very strong first half of 2015, generally outperforming the average on several criteria versus other Oakville communities. Here are some key statistics for the River Oaks Real Estate market for the first six months of 2015.
River Oaks Homes Available versus Homes Sold
When looking at Active Listings and Homes Sold in the chart above, there is one key statistic that REALTORS® use as an indicator for what is happening within the real estate market. This is known as "Absorption Rate" or "Months of Inventory." (Some people show Absorption Rate as a percentage, but I find that to be more confusing than Months of Inventory.)
River Oaks Real Estate Market: Months of Inventory for 2015
Months of Inventory Defined
In simple terms, Months of Inventory (number of active listings divided by number of homes sold) tells us how quickly the overall inventory of homes is selling. The lower the number of months, the faster that homes would "sell out" if no new homes came on the market.
Months of Inventory (MOI) is an important real estate formula because it can help us to understand the market and how to position a home for sale within that marketplace. For example, we know that in an environment of low MOI (anything below four months), sales are moving quickly so it may be an opportunity to price your home more aggressively (but not at an unreasonable level--we still want it to sell). On the other hand, when MOI numbers are higher (above 6 months), anyone who needs to sell a home quickly would be wise to price their property more favorable, in line with the lower end of recent home sale prices in order to increase the likelihood of a faster sale in a Buyer's Market.
Anything under 4 Months = Seller’s Market
From 4 - 6 Months = Balanced Market
Anything over 6 Months = Buyer’s Market
River Oaks Real Estate - Months of Inventory Numbers, Mid-Year 2015
- January: 3.1 months (Seller's Market)
- February: 2.1 months (Seller’s Market)
- March: 1.3 months (Seller’s Market)
- April: 1.4 months (Seller’s Market)
- May: 1.2 months (Seller's Market)
- June: 1.5 months (Seller’s Market)
River Oaks was in a very strong Seller's Market over the course of the first half of 2015.
How Quickly Were Homes Selling in River Oaks?
Days on Market (DOM) is a measure of how long it took, on average, for a home to sell. Generally speaking, if a home sells in less than 30 days, that is a respectable figure.
Once again, River Oaks performed exceptionally well, with homes selling at a faster pace than the average for the Town of Oakville throughout the entire period (and equal to the Town average in the month of March).
Average List Price and Average Sale Price of River Oaks Homes
The chart above shows the disproportionate relationships between list price and sale price in all months except for June 2015. Not only were homes in River Oaks were selling quickly, they were also selling above asking price for several months in the first half of the year. This is a very rare statistic and illustrates the overall strength of the River Oaks real estate market for the first half of 2015.
Here are the raw figures for average list price and average sale price for River Oaks homes in 2015.
All Homes in River Oaks
Month - Average List Price - Average Sale Price
- Jan $692,337 $585,709
- Feb $586,401 $639,053
- Mar $641,648 $648,915
- Apr $645,564 $724,561
- May $587,180 $642,345
- Jun $601,026 $631,094
Detached Homes in River Oaks
River Oaks has a large number of townhomes, apartments and condominiums, which tend to pull down the average sales figures. As a result, it is worth looking at the sales numbers for detached homes separately, since they are significantly different than the overall average for this community.
Month - Average List Price - Average Sale Price
- Jan $960,561 $808,805
- Feb $916,650 $879,444
- Mar $896,941 $916,949
- Apr $821,473 $896,503
- May $832,372 $896,786
- Jun $838,956 $819,862
The average sale price of a detached home in River Oaks ranged from approximately $800,000 to the low $900,000s for the first six months of 2015. This was just below average for the Town as a whole.
There were a total of 271 homes sold in River Oaks in the first half of 2015.
The highest sale price for a home in River Oaks for the first half of 2015 was $2.05-million.